BSE Sensex opened lower by nearly 100 points, while the Nifty 50 trades below 10,100. Here are the latest updates from the markets
BSE Sensex and NSE Nifty opened lower on Wednesday ahead of the Reserve Bank of India’s monetary policy announcement due after 2.30pm. The rupee also opened marginally lower against the US dollar. Most of the analysts polled by Mint expect the central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation. Shares of Infosys, Reliance Industries and Cipla rose, whereas Tata Steel, SBI and Adani Ports stocks traded lower. Here are the latest updates from the markets
Life Insurance Corporation of India (LIC) said it has invested Rs 44,000 crore in the equity markets between April-November this year, a rise of 52 per cent over the year-ago period.
It had invested around Rs 29,000 crore in April-November period in the previous fiscal.
In the first half of the current fiscal, the life insurance major had more than doubled its investment in equities to Rs 39,224 crore from Rs 18,000 crore in the same period last fiscal.
In the previous fiscal, LIC had invested Rs 47,000 crore into equities.
9:40 am RCom in focus: Credit rating agency Fitch has withdrawn ratings of debt-ridden Reliance Communications for commercial reasons.
“Fitch has chosen to withdraw the ratings on Rcom for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for RCom,” it said in a statement.
RCom also informed stock exchanges that Fitch “has withdrawn ‘C’ rating of the company’s Long-Term Foreign and Local Currency Issuer Default Ratings and Bonds listed in Singapore Stock Exchange due to commercial reasons”.
9:34 am USFDA Observations: Shares of Shilpa Medicare declined nearly 6 percent in morning as it has received 10 observations from USFDA.
The company has received 483 observations from the United States Food & Drug Administration (USFDA) in relation to SEZ formulation facilities situated at Jadcherla, Telangana (near Hyderabad).
9.31 am IST
Banking stocks trade lower
Banking stocks fell before RBI Policy. Punjab National Bank fell 1%, Yes Bank 0.8%, State Bank of India 0.7%, Bank of Baroda 0.7%, ICICI Bank 0.6%, HDFC Bank 0.5%.
9.28 am IST
Tata Steel shares fall on concerns over Thyssenkrupp deal
Tata Steel Ltd fell 1.7% to Rs664 after Bloomberg reported that Germany’s biggest union has given Thyssenkrupp AG until 22 December to guarantee jobs and investments before the labour group will give its blessing to a joint venture with Tata Steel Ltd.
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