Key Indian stock indices landed in negative territory on Tuesday, January 21 as investors were roiled by several corporate earnings releases as well as the downgrade of the country’s GDP outlook by the IMF, which cited slower loan expansion and issues in the shadow banking sector. Specifically, the country’s growth forecasts were cut to 4.8% for the current fiscal year ending in March and to 5.8% for fiscal 2020 and 2021. The external backdrop was unfavorable as Asian equities closed to the downside, while European benchmarks were trading in the red. Recapping the benchmarks, the Nifty 50 eased 0.45% to 12,169, and the BSE Sensex slipped 0.49% to 41,323.81. By 10:58 GMT, the USD/INR currency pair picked up 0.26% to 71.215, while EUR/INR rose 0.35% to 79.0770. The 10-year Indian government bond yield widened 0.02% to 6.640%. Major private lender Kotak Mahindra Bank added 0.5%, correcting higher after yesterday’s decline, which followed a weak quarterly earnings release. Telecom operator Bharti Infratel soared 8.4%, while Asian Paints posted the biggest losses, slipping 2.1%. Heavyweights Reliance Industries and Tata Consultancy Services also reported downbeat earnings, but managed to close marginally higher, up 0.10% and 0.03% on the day. On the daily chart, the BSE Sensex continues to trade within a rising wedge, while the Slow Stochastic Oscillator is about to exit overbought territory. As a result, the downward trend will likely gain traction in the short term.