Indian stock indices trended moderately higher on Monday, October 30, reaching record highs led by state-run banks, which extended last week’s rally. To remind, the sector drew support from the government’s decision to inject USD 32.4 bn into state-run lenders s part of the bank recapitalization plan. By the close, the Nifty 50 rose 0.39% to 10,363.65, and the BSE Sensex increased 0.33% to 33,266.16. In the blue-chip universe, Bharti Infratel, Yes Bank and Lupin stood out among the advancers, while HCL Technologies, Hindustan Unilever and ITC underperformed the broader market. The USD/INR pair weakened 0.06% to 64.845. The 10-year Indian government bond yield widened 0.37% to 6.833%. State Bank of India and Punjab National Bank surged 3.0% and 3.6%, respectively, on expectations of capital injections from the government. Notably, the names pared some gains by the close. Oil and Natural Gas Corp picked up 1.4% after releasing quarterly earnings. From a technical standpoint, a doji candlestick pattern has shaped up on the BSE Sensex. As a result, given signs of overbuying, a corrective downturn can be expected in the short term.