India’s equity market logged gains on Monday, May 7, in sync with other Asian trading floors. Market participants were upbeat about the US jobs report for April released on Friday. Despite the fact that unemployment fell to a 17.5-year low of 3.9%, wage growth was slow, as a result, concerns about faster rate hikes abated. Notably, bank names enjoyed the strongest demand. Recapping the benchmarks, the Nifty 50 rose 0.92% to 10,715.50, while the BSE Sensex closed 0.84% higher at 35,208.14. By 10:37 GMT, the USD/INR currency pair traded up 0.50% to 67.154, while EUR/INR advanced 0.19% to 80.0825. The 10-year government bond yield narrowed to 7.623%. As noted above, bank names of the region were well bid. Both Punjab National Bank, and ICICI Bank added 2.5% to the market cap. The latter will release quarterly earnings after the end of the trading day. At the same time, Ruchi Soya Industries jumped 4.5% on news that Patanjali Ayurved made an acquisition offer. Meanwhile, Avenue Supermarts shed 1.5% on worse-than-expected quarterly earnings. The daily chart shows that the BSE Sensex has traded near the upper end of Bollinger Bands, while the Slow Stochastic Oscillator and the RSI have approached overbought territory. In view of the above, a downturn is possible in the short term. $SENSEX, S&P BSE SENSEX INDEX / D