India’s stock indices delivered negative performance on Tuesday, June 19 in sync with Asian equities on the back of heightened trade war concerns. Notably, Donald Trump made another move in the US-China trade dispute, pushing for 10% import tariffs to be slapped on Chinese goods worth USD 200 bn. To remind, the proposal followed Beijing’s decision to impose import duties on US products valued at USD 50 bn. Recapping the benchmarks, the Nifty 50 declined 0.83% to 10,710.45, and the BSE Sensex closed 0.74% lower at 35,286.74. By 10:39 GMT, the USD/INR currency pair firmed 0.36% to 68.291, while EUR/INR traded down 0.25% to 78.8847. The 10-year Indian government bond yield narrowed to 7.868%. Heavyweights Reliance Industries and Infosys retreated 1.9% and 2.0%, respectively. Pharmaceutical players corrected lower, with Cipla and Aurobindo Pharma shedding 0.8-0.9%. In the O&G sector, Hindustan Petroleum, Indian Oil Corp and Bharat Petroleum Corporation declined 2.8%, 3.0% and 2.3%, respectively. Meanwhile, the country’s third-largest lender ICICI Bank gave up 0.07% after saying that its CEO Chanda Kochhar is stepping down to be replaced by Sandeep Bakhshi on an interim basis. From a technical standpoint, the daily chart shows that the BSE Sensex has bounced off the upper line of a rising wedge and the upper end of Bollinger bands, while the Slow Stochastic Oscillator has left overbought territory. Consequently, the benchmark is likely to test the lower line of the formation in the short term. $SENSEX, S&P BSE SENSEX INDEX / D