Major Indian stock indices moved higher on Wednesday, December 19, on the heels of a spike in refinery names amid falling oil prices. Furthermore, investors greeted enthusiastically the Indian central bank’s resolve to buy bonds on the open market for more than expected, exceeding INR 500 bn (USD 7.13 bn) next January. Meanwhile, the external news flow was mixed, with Asian stocks broadly logging losses, while European equities are on the rise. Recapping the benchmarks, the Nifty 50 Index advanced 0.54% to 10,967.30, while the BSE Sensex edged up 0.38% to 36,484.33. By 10:18 GMT, the USD/INR pair ticked up 0.03% to 70.369, while EUR/INR ticked down 0.1% to 80.1485. Meanwhile, the 10-year Indian government bond yield stood at 7.262%. As noted above, oil refining stocks outperformed, with Hindustan Petroleum and Indian Oil adding 2% and 0.8%, respectively. Financial names were well bid, with Indiabulls Housing Finance and Bajaj Finance spiking 8.1% and 2.6%, respectively. Among the notable decliners, Indian telecom giant Reliance Communications tanked 9.5% on media reports that the country’s telecommunications ministry refused to approve a deal to trade airwaves with Jio Infocomm, claiming that the deal is at odds with the regulator’s guidelines. A rising wedge is shaping up on the BSE Sensex daily chart, while the index has approached the upper line of Bollinger Bands and the 36,466 resistance level. The Slow Stochastic Oscillator has entered overbought territory, so we expect the index to start falling in the short term.