The Indian stock market turned in negative performance on Thursday, January 25, as investors took profit on long positions. Banking names came under pressure on news that large creditors may receive less money from the Indian government as part of a bank recapitalization plan. Earlier, the government approved a recapitalization plan worth INR 2.11 tn (USD 32.34 bn) over the next two years. Recapping the benchmarks, the Nifty 50 dipped 0.15% to 11,069.65, while the BSE Sensex 30 fell 0.31% to 36,050.44. Among the best performers on the Nifty 50, Indiabulls and ICICI Bank rose 2.74% and 2.28%, respectively. Among the underperformers, UPL and State Bank of India plunged 6.71% and 5.08%. The session’s frontrunners on the BSE Sensex 30 included Gail and ICICI Bank, which gained 2.04% and 1.60%. Among the worst performers, Adani and State Bank of India sank 2.37% and 4.96%, respectively. In the currency market, the USD/INR currency pair edged up 0.05% to 63.60, while EUR/INR ticked up 0.01% to 77.01. The 10-year government bond yield reached 7.321%. State Bank of India shed 6.71%, and Punjab National Bank tanked 7.06%. IT names stood out among the underperformers, with Infosys and Tata Consultancy Services falling more than 1.5%. Market cap of Biocon slid 5.4% as the company reported a 46% decline in Q3 profit. From a technical standpoint, the BSE Sensex 30 has reached the upper bound of a rising wedge near 36,050. Stochastic lines are sell-friendly, and are in the overbought territory. However, downside potential is still limited.