Key Indian stock indices landed in positive territory on Thursday, July 9 on the back of gains in the metals sector, which drew support from higher steel prices and copper futures in Shanghai. Moreover, investors await the upcoming quarterly earnings season. Notably, Nifty Metal traded up 1.95% on the day. Notable advancers on the Nifty 50 included Nifty Financial Services and Nifty Services Sector, which closed 1.58% and 1.21% in the green, respectively. Nevertheless, investors remain concerned about the ongoing spike in new Covid-19 cases. To remind, India has become the third worst-affected country by the coronavirus pandemic in the world. Exacerbating sentiment, frictions between the US and China have escalated in recent days. By the close, the Nifty 50 jumped 1.01% to 10,813.45, and the BSE Sensex advanced 1.12% to 36,737.69. By 10:35 GMT, USD/INR picked up 0.13% to 75.038, and EUR/INR also added 0.13% to 85.0075. The 10-year Indian government bond yield stood at 5.772%. As noted above, steelmakers were well bid. Specifically, Hindalco Industries, Jindal Steel & Power, Steel Authority and Tata Steel soared 6.58%, 5.28%, 4.10% and 3.23%, respectively. Lenders were well bid as State Bank of India, CBI and Bank of Baroda gained 4.14%, 1.42% and 0.19%. Major software exporter Tata Consultancy Services shed 0.29% ahead of the quarterly earnings release. On the daily chart, the BSE Sensex is trading near the upper boundary of an ascending wedge, while the Slow Stochastic Oscillator has long been in overbought territory. As a result, a downturn could be in the offing.