Sensex edges up; SBI falls after Moody's downgrade

Reuters Market Eye - The BSE Sensex is trading up more than 50 points while the Nifty has gained over 20 points, reversing a two-day losing streak on value buying. The Nifty is taking support around its 200-day moving average at 5,841.

The NSE bank index is down 0.14 percent after falling over 8 percent in the previous two days.

Among banks, Axis Bank Ltd is up 0.67 percent, while ICICI Bank Ltd is up 0.72 percent.

However, State Bank of India, the country's largest lender, falls as much as 3.66 percent after ratings agency Moody's downgraded its outlook on the bank's financial strength rating to 'negative' from 'stable'.

 

Also, Sun Pharmaceutical Industries Ltd falls 1.45 percent as the U.S. Food and Drug Administration approval for Glenmark Pharmaceutical Ltd's Desoximetasone ointment is seen negative for the former's unit, Taro Pharmaceutical Industries Ltd .

(Reporting by Abhishek Vishnoi)