Cautious trades continue

Bank, IT shares decline

continued to trade on a soft note after erasing early gains. The was up 48 points at 16,754. Nifty is up nine points at 5,073.

Asian traded soft with the Nikkei slipping 1% at 8,636. Hang Seng and Shanghai Composite dropped 0.4% each.

bankex continued to reel under pressure after yesterday's RBI credit policy review. The central bank unexpectedly kept both interest rates and the cash reserve ratio unchanged. The index is down 1% at 11,115. IT index is also in red - down 0.7%, followed by consumer durables and metals. However, FMCG and metal indices have shown some strengthy are trading with nearly 1% gains each.

Meanwhile, on Monday Fitch Ratings cut India's sovereign outlook to "negative" from "stable", saying growth potential would "deteriorate".

ITC has gained 2% at Rs 248. Sun Pharma and Cipla, from the pharma pack are up 1.3% each. Tata Steel, ONGC, Hero MotoCorp and Larsen & Toubro are up marginally as well.

On the other hand, Infosys has slipped 1.5% to Rs 2,472. Sterlite has dropped 1.5%. Tata Power and NTPC are down over 1% each. Fitch has lowered the credit rating outlook on NTPC.

Coal India has entered into fuel supply pacts with 27 power units, including Adani's Mundra Power plant in Gujarat. The stock is down 0.6% at Rs 337.

Shares of Reliance Communications has dipped 5% to Rs 61.80, after hitting its lifetime low, on reports that equity research firm Veritas has downgraded the stock to sell with the target price of Rs 15.

image
Business Standard
177 22
Business Standard

Cautious trades continue

Bank, IT shares decline

SI Reporter  |  Mumbai 

continued to trade on a soft note after erasing early gains. The was up 48 points at 16,754. Nifty is up nine points at 5,073.

Asian traded soft with the Nikkei slipping 1% at 8,636. Hang Seng and Shanghai Composite dropped 0.4% each.



bankex continued to reel under pressure after yesterday's RBI credit policy review. The central bank unexpectedly kept both interest rates and the cash reserve ratio unchanged. The index is down 1% at 11,115. IT index is also in red - down 0.7%, followed by consumer durables and metals. However, FMCG and metal indices have shown some strengthy are trading with nearly 1% gains each.

Meanwhile, on Monday Fitch Ratings cut India's sovereign outlook to "negative" from "stable", saying growth potential would "deteriorate".

ITC has gained 2% at Rs 248. Sun Pharma and Cipla, from the pharma pack are up 1.3% each. Tata Steel, ONGC, Hero MotoCorp and Larsen & Toubro are up marginally as well.

On the other hand, Infosys has slipped 1.5% to Rs 2,472. Sterlite has dropped 1.5%. Tata Power and NTPC are down over 1% each. Fitch has lowered the credit rating outlook on NTPC.

Coal India has entered into fuel supply pacts with 27 power units, including Adani's Mundra Power plant in Gujarat. The stock is down 0.6% at Rs 337.

Shares of Reliance Communications has dipped 5% to Rs 61.80, after hitting its lifetime low, on reports that equity research firm Veritas has downgraded the stock to sell with the target price of Rs 15.

RECOMMENDED FOR YOU

Cautious trades continue

Bank, IT shares decline

Markets continued to trade on a soft note after erasing early gains.

continued to trade on a soft note after erasing early gains. The was up 48 points at 16,754. Nifty is up nine points at 5,073.

Asian traded soft with the Nikkei slipping 1% at 8,636. Hang Seng and Shanghai Composite dropped 0.4% each.

bankex continued to reel under pressure after yesterday's RBI credit policy review. The central bank unexpectedly kept both interest rates and the cash reserve ratio unchanged. The index is down 1% at 11,115. IT index is also in red - down 0.7%, followed by consumer durables and metals. However, FMCG and metal indices have shown some strengthy are trading with nearly 1% gains each.

Meanwhile, on Monday Fitch Ratings cut India's sovereign outlook to "negative" from "stable", saying growth potential would "deteriorate".

ITC has gained 2% at Rs 248. Sun Pharma and Cipla, from the pharma pack are up 1.3% each. Tata Steel, ONGC, Hero MotoCorp and Larsen & Toubro are up marginally as well.

On the other hand, Infosys has slipped 1.5% to Rs 2,472. Sterlite has dropped 1.5%. Tata Power and NTPC are down over 1% each. Fitch has lowered the credit rating outlook on NTPC.

Coal India has entered into fuel supply pacts with 27 power units, including Adani's Mundra Power plant in Gujarat. The stock is down 0.6% at Rs 337.

Shares of Reliance Communications has dipped 5% to Rs 61.80, after hitting its lifetime low, on reports that equity research firm Veritas has downgraded the stock to sell with the target price of Rs 15.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard