India’s equity market closed lower on Thursday, October 11, dragged down by a sharp sell-off in US stocks on Wednesday. The US market corrected lower amid rising 10-year government bond yields, which reached the highest mark since 2011. No market-driving data is expected today. However, data on industrial production in August and the CPI in September is due out tomorrow. Recapping the benchmarks, the Nifty 50 fell 2.16% to 10,234.65, while the BSE Sensex 30 shed 2.19% to 34,001.15. Outperformers on the Nifty 50 included Hindustan Petroleum and Indian Oil, which spiked 16.21% and 5.77%. Bajaj Finserv and Indiabulls underperformed, plunging 6.20% and 9.12%, respectively. Among the frontrunners on the BSE Sensex 30, Oil and Natural Gas and Yes Bank advanced 2.86% and 2.54%. SBI and Tata Steel stood out among the decliners, sliding 5.74% and 4.60%. In the currency market, the USD/INR pair traded up 0.42% to 74.085, while EUR/INR firmed 0.21% to 85.717. The 10-year government bond yield stood at 8.011%. Bank names underperformed, with SBI and Bank of India falling more than 3%. O&G names enjoyed strong demand, with Hindustan Petroleum and Oil and Natural Gas rising 16.2% and 2.73%. Airlines outperformed the broader market amid a decline in fuel taxes from 14% to 11%. InterGlobe Aviation and Jet Airways advanced 6% and 4%, respectively. From a technical standpoint, the BSE Sensex 30 is attempting to settle at 34,000. Stochastic lines are sell-friendly, but have already entered oversold territory. As a result, downside potential is limited.