India’s stock market landed in the red on Thursday, August 16. The benchmarks failed to post gains after a holiday this time. Financial and commodity names led the decline, while IT stocks were well bid amid rupee depreciation. India’s benchmarks were dragged down by negative sentiment on US trading floors, which logged heavy losses on Wednesday amid rising concerns about trade disputes. Recapping the indices, the Nifty 50 declined 0.44% to 11,385.05, while the BSE Sensex closed 0.50% lower at 37,663.56. By 10:52 GMT, the USD/INR currency pair edged up 0.04% to 70.305, while EUR/INR traded up 0.74% to 79.9165. The 10-year government bond yield widened to 7.863%. As noted above, financial names stood out among the worst performers, with Kotak Mahindra Bank, HDFC Bank and Indusind Bank shedding 3.7%, 0.8% and 0.7%, respectively. Industrial conglomerate Reliance Industries dipped 0.8% after declaring force majeure on gasoline supplies from its Jamnagar facility. ONGC, another O&G player, lost 1.1%. Among the advancers, GAIL (India), the country’s largest state-owned natural gas processing and distribution company, surged 3.7%. The daily chart shows that the BSE Sensex has bounced off the upper end of Bollinger Bands, while the Slow Stochastic Oscillator and the RSI have exited overbought territory. As a result, the benchmark may extend its descent in the short term. $SENSEX, S&P BSE SENSEX INDEX / D