BSE IT index was the biggest sectoral loser, down 1.5% dragged by TCS
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
Confidence in the company as government is the biggest shareholder.
Pegs 2012-13 GDP growth at 7%, says turnaround of the economy likely, rules out fiscal stimulus to revive growth prospects
Citing economic slowdown and political roadblocks to policy-making, rating agency S&P on Monday warned India could become the first BRIC nation to lose investment-grade rating.
Global rating agency Standard & Poors (S&P) has said that despite the outlook for Indian corporates being stable, a negative bias persists with corporate entities pursuing rapid inorganic growth with leveraged buyouts and debt-supported expansion.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The announcement by Standard & Poor's (S&P) on Wednesday to cut its outlook for India from stable to negative should cause no surprise, even though it comes barely five days after a similar exercise by Moody's, which had retained its outlook on India as stable.
The perceived notion about growing corruption and the policy uncertainties have increased the country-specific credit quality risks for the companies in India, global rating agency S&P has warned.
The market breadth, indicating the overall health of the market, turned negative from positive
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
Foreign brokerage firm CLSA initiated coverage on the stock with a Sell rating and target price of Rs 1,095, citing hefty premium valuation.
Traditionally, most PSUs have been cash-rich, which added to their value. However, the government has been tapping regularly into their cash resources to boost revenue for the exchequer
NPA percentage in loans may touch 10% by March 2013, up from 5% in March 2011.
Rating agency Standard and Poor's could upgrade Greece's rock bottom credit rating "pretty quickly"
LIC owns 3.69 per cent of the total listed universe based on available disclosures, the lowest since at least June 2009.
The domestic currency had tumbled by 48 paise to close at a record low of Rs 53.71/72 per dollar in the previous session on strong demand for the American currency and strengthening of the dollar against its rivals overseas.
Nifty PSU Bank index gained 1% led by Allahabad Bank, Andhra Bank, Syndicate Bank and IDBI Bank
Key share indices ended over 1 per cent higher on Tuesday led by rate sensitive shares as the sluggish April IIP data re-inforced market expectations that the central bank could cut key policy rates and also lower the cash reserve ratio to boost growth.
Analysts attribute this outperformance to the government's proactive economic reform measures
Indian-American Deven Sharma, the president of Standard and Poor's, is stepping down by year end, an announcement coming only weeks after the credit rating agency downgraded American credit rating.
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged.
There is an Indian at the helm of affairs surrounding the historic downgrade of the United States' creditworthiness, as ratings agency S&P's unprecedented move was taken under the leadership of Deven Sharma.
Maruti Suzuki fell 0.7% even after its March quarter profit grew by 15.8% to Rs 1,709 crore in Q4
Standard and Poor's action has left many speechless.
The broader NSE index has fallen about 0.9% as investors wait for corporate results
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
Experts prefer domestic consumption-driven plays and defensives such as information technology and pharmaceuticals
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
The market breadth was extremely weak with 1,806 losers against 1,009 gainers on the BSE.
"It's a welcome development, but we also feel it was long overdue... It's a recognition of the actions that the government has undertaken like GST, bankruptcy. We also need to keep all these things in perspective," Chief Economic Adviser Arvind Subramanian said.
Banking stocks dipped with Nifty PSU Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector.
The apex court had observed that the allocation was arbitrary, illegal, and resulted in unfair distribution of national wealth.
Despite the 3 per cent gain in September 2019, the FPI sell-off during the quarter has seen the benchmark indices - the S&P BSE Sensex and the Nifty 50 register negative returns in Q3CY19.
The regulator is more carefully scrutinising applications by infrastructure investment vehicles that have a limited number of investors. They have been asked to broaden their investor base before application approval, according to two people familiar with the matter. The Securities and Exchange Board of India is concerned about the structure being used for getting around tax requirements, according to one of the sources.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
The breadth, indicating strength of the market was strong
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