India’s stock market showed negative performance on Wednesday, November 21, on the back of a sharp decline in oil prices on Tuesday evening. In addition, investors are concerned about a possible slowdown of the global economy. Recapping the benchmarks, the Nifty 50 dropped 0.53% to 10,600.05, while the BSE Sensex 30 closed 0.77% lower at 35,199.80. Among the best performers on the BSE Sensex 30, Yes Bank and Axis Bank surged 2.88% and 2.15%, respectively. On the other side of the spectrum, Infosys and Tata Consultancy Services slid 2.91% and 3.55%. Top gainers on the Nifty 50 included Dr. Reddy’s Laboratories and Grasim Industries, soaring 6.44% and 3.47%. Infosys and Tata Consultancy Services stood out among the decliners, sinking 3.41% and 3.47%. In the currency market, the USD/INR pair traded down 0.25% to 71.245, while EUR/INR eased 0.03% to 81.19. The 10-year government bond yield stood at 7.792%. Bank names were well bid, with Axis Bank and SBI advancing above 1.2%. High tech names came under pressure. Infosys and Tata Consultancy Services plunged more than 3%. Dr. Reddy’s Laboratories, India’s second-largest pharmaceutical company in terms of revenue, spiked 6.44% after winning a legal battle in a US court of appeals related to the sale of its drug Suboxone Film. Yes Bank gained 2.5% after reporting that recent resignations at the bank do not affect the CEO selection process. From a technical standpoint, the BSE Sensex 30 may have completed a corrective rebound towards 35,500. Stochastic lines, which have been in overbought territory, are sell-friendly. As a result, the benchmark may trend lower towards the range of 34,500-34,700.