The Indian stock market landed in positive territory on Wednesday, May 20 on the back of rallying oil prices as well as gains in pharmaceutical, banking and automotive names. On the Nifty 50, all major sectors closed in the green, with the Nifty Pharma rising 4.1%. By the close, the Nifty 50 advanced 2.11% to 9,066.55, and the BSE Sensex firmed 2.06% to 30,818.61. By 10:32 GMT, USD/INR ticked up 0.02% to 75.653, and EUR/INR added 0.21% to 82.7755. The 10-year Indian government bond yield stood at 6.041%. As noted above, pharmaceutical stocks outperformed the broader market. In particular, Aurobindo Pharma, Glenmark Pharma and Cipla soared 6.76%, 5.22% and 4.38%, respectively. Notably, Dr. Reddy’s Laboratories surged 5.82% after reporting an increase in quarterly profit. Furthermore, UltraTech Cement picked up 3.12% as last quarter’s net income rose, beating the consensus forecast. Automotive names were also well bid. Specifically, Mahindra & Mahindra, Eicher Motors, Bharat Forge and Tata Motors jumped 5.71%, 5.41%, 4.58% and 2.26%, respectively. Notable decliners on the Nifty 50 included Bharti Infratel and IndusInd Bank, which retreated 6.99% and 2.60%. On the daily chart, a bullish engulfing pattern has shaped up on the BSE Sensex, while the Slow Stochastic Oscillator is hovering in overbought territory. Consequently, an upturn could be in the offing.