India’s equity market ended slightly higher on Tuesday, May 8. Indices eked out gains amid comments of several analysts that the volume of bad debts of the country’s largest lender ICICI Bank is expected to fall despite weak quarterly earnings. Investors demonstrated low trading activity ahead of upcoming legislative assembly elections in Karnataka, one of the largest India’s states. The elections will take place on May 12, while the results will be announced on May 15. Recapping the benchmarks, the Nifty 50 inched up 0.02% to 10,717.80, while the BSE Sensex ended 0.02% higher at 35,216.32. By 10:20 GMT, the USD/INR currency pair traded down 0.07% to 67.075, while EUR/INR eased 0.50% to 79.6458. The 10-year government bond yield narrowed to 7.578%. ICIC bank surged 6.7%. Notably, several companies confirmed their Buy recommendation for the lender, citing a decrease in the volume of bad debts. Meanwhile, O&G companies Bharat Petroleum and Hindustan Petroleum added 1.8% and 3.4% to the market cap, respectively. At the same time, PNB Housing Finance plunged 7.9% after the division of the US investment firm Carlyle Group placed 8 mn shares with a 6.9% discount to the closing price of Monday. The daily chart shows that the BSE Sensex has traded close to the upper line of Bollinger Bands, while the Slow Stochastic Oscillator and the RSI have approached overbought territory. In view of the above, a downside is possible in the short term. $SENSEX, S&P BSE SENSEX INDEX / D