Sensex extends losses, Nifty trades below 10,100; Bharat Forge gains
Equity benchmarks opened mildly lower on Tuesday following tepid Asian cues. Investors remained cautious ahead of mid-term review of foreign trade policy due later today and RBI policy tomorrow.
The 30-share BSE Sensex was down 68.74 points at 32,800.98 and the 50-share NSE Nifty declined 19.30 points to 10,108.50.
Wipro, NTPC, IOC, Tech Mahindra, Power Grid, ONGC, L&T and HDFC Bank were early losers while Bosch, Bharti Airtel, HPCL, BPCL, Kotak Mahindra Bank, Tata Motors, M&M and Maruti Suzuki were gainers.
The rupee strengthened by 12 paise to 64.25 against the dollar at the interbank forex market today on increased selling of the American currency by banks and exporters.
The dollar losing sheen against some other currencies overseas also supported the local unit, traders said.
Yesterday, the rupee had rebounded by 9 paise to end at 64.37 against the US dollar in a highly volatile trade on fresh selling of the greenback and also emboldened by encouraging Q2 GDP numbers and monthly manufacturing data.
The value of shares pledged by the promoters of BSE-listed companies marginally dropped to Rs 2.78 lakh crore at the end of November, according to the exchange data.
The value of pledged shares stood at Rs 2.81 lakh crore at the end of October. It was at Rs 2.6 lakh crore in September.
Days after India's economy showed signs of recovery, Fitch Ratings cut the country's GDP growth forecast for the current fiscal to 6.7 percent from the earlier projected 6.9 percent, saying the rebound was weaker than expected.
It also cut GDP growth forecast for 2018-19 fiscal year to 7.3 percent from 7.4 percent predicted in its September Global Economic Outlook (GEO).
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