India’s stock market logged losses on Monday, July 16, in stride with other Asian trading floors, retreating amid downbeat data on China’s GDP. Energy and pharmaceutical stocks led the decline, while IT names were well bid. Recapping the benchmarks, the Nifty 50 dropped 0.74% to 10,936.85, while the BSE Sensex closed 0.60% lower at 36,323.77. By 10:12 GMT, the USD/INR currency pair traded up 0.15% to 68.595, while EUR/INR advanced 0.38% to 80.3530. The 10-year government bond yield widened to 7.819%. As noted above, O&G names underperformed amid retreating oil prices. Reliance Industries and Hindustan Petroleum sank 2.15% and 2.17%, respectively. In addition, pharmaceutical names also stood out among the decliners, with Dr.Reddy’s Laboratories tanking 9.7% after the US court blocked the company's right to sell a generic version of the drug to treat drug dependence of the British company Indivior within the country. Another representative of the industry Glenmark Pharmaceuticals shed 2.4%. Meanwhile, ICICI Bank fell 3.2% on news that the company is being audited to identify inconsistencies in some credit accounts. A big bearish candlestick shaped up on the daily chart of the BSE Sensex, while the index has come back inside Bollinger Bands, and the Slow Stochastic Oscillator is set to leave overbought territory. In view of the above, the benchmark may continue to descend in the short term