The Indian market extended gains on January 19, hitting historic highs. Financial and banking names enjoyed strong demand against the backdrop of the government's resolution to cut tax rates on some products and services, which enters into force on January 25. Recapping the benchmarks, the Nifty 50 rose 0.72% to 10,894.70, while the BSE Sensex advanced 0.71% to 35,511.58. By 10:35 GMT, the USD/INR currency pair eased 0.14% to 63.785, while EUR/INR gained 0.16% to 78.2901. The 10-year government bond yield narrowed to 7.459%. Banking names were well bid, with State Bank of India and Canara Bank adding 2.0% and 3.8%, respectively. India’s major lender HDFC Bank gained 0.9% as the bank reported a record profit for Q3 ended on December 31, driven by higher interest as well as commission and fee income. The bank’s net profit climbed 20% y-o-y to INR 46.43 bn (USD 728.40 mn), outpacing analysts’ expectations of INR 46.31 bn. Meanwhile, India’s major biotech company Biocon soared 5.5% on news about cooperation with Sandoz. Engineering firm Cyient spiked 12.4% on the back of higher consolidated revenue for Q3 ended on December 31. The daily chart shows that the BSE has broken through the upper end of Bollinger Bands, while the Slow Stochastic Oscillator is in the overbought territory. As a result, a downturn could be in the cards. $SENSEX, S&P BSE SENSEX INDEX / D