Indian stock indices closed broadly lower on Wednesday, August 2 after a policy meeting of the country’s central bank. Notably, the regulator cut the key rate to 6.0% from 6.25%, as expected, also lowering the reverse repo rate to 5.75% from 6.0%, while the cash reserve ratio was left unchanged at 4.0%. As regards market-driving macro data, the services PMI for July is due out tomorrow. By the close, the Nifty 50 retreated 0.33% to 10,081.5, and the BSE Sensex 30 was 0.30% lower at 32,476.74. On the Nifty 50, TPC and Ambuja outperformed the broader market, surging 4.03% and 2.22%, respectively. Indiabulls and Dr. Reddy’s Laboratories were out of luck, sliding 2.40% and 2.18%. Among the BSE Sensex 30 gainers, NTPC and Hero MotoCorp stood out, advancing 4.06% and 2.12%. On the other side of the spectrum, Sun Pharma and Dr. Reddy’s Laboratories shed 1.95% and 1.93%, respectively. On the currency market, the USD/INR pair weakened 0.45% to 63.77, and EUR/INR dipped 0.23% to 75.468. The 10-year Indian government bond yield reached 6.447%. Automaker Bajaj Auto retreated 0.74% after reporting a 6.7% drop in July car sales. India’s largest motorcycle maker Hero MotoCorp picked up 2.01% as July sales increased 17.1%. Vedanta ended in the red amid profit-taking on long positions after a two-session rally. From a technical standpoint, the BSE Sensex 30 is trading within a rising band, with the upper line near 32,600. Stochastic lines are on the buy side, but in overbought territory already, so upside appears to be petering out.