Investors remained cautious ahead of mid-term review of foreign trade policy due later today and RBI policy tomorrow.
11:16 am Market Check: Equity benchmarks remained under pressure in morning after the Fitch Ratings lowered India's economic growth forecast for FY18. Investors also maintained their cautious stance ahead RBI policy meet and mid-term review of foreign trade policy.
The 30-share BSE Sensex was down 107.30 points at 32,762.42 and the 50-share NSE Nifty declined 31.70 points to 10,096.10.
The 30-share BSE Sensex was down 107.30 points at 32,762.42 and the 50-share NSE Nifty declined 31.70 points to 10,096.10.
About two shares declined for every share rising on the BSE.
11:05 am Project Execution: Tejas Networks has successfully completed execution of a high capacity national optical backbone network in Bangladesh for Bangladesh Submarine Cable Company, in partnership with Telephone Shilpa Sangstha.
10:55 am Debt Financing: Asian Development Bank (ADB) has approved debt financing and partial risk guarantees totaling USD 583 million to develop Reliance Power's 750 MW LNG Based Combined Cycle Power plant and LNG Terminal Project in Bangladesh
10:45 am RBI Preview: The Reserve Bank of India (RBI) looks set to keep its policy rate on hold on Wednesday, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.
All but two of 54 analysts in a Reuters Poll said the repo rate would be left at 6.00 percent, the lowest since November 2010.
In August, the RBI made its only cut in 2017, of 25 basis points, and in October, it held.
On Wednesday, after a two-day meeting, the RBI is likely to reiterate concern about inflation, as the annual rate increased to 3.58 percent in October. That's low by Indian standards, but not far from the central bank's 4 percent target.
Another source of RBI discomfort is that core inflation, which excludes food and energy prices, has remained stubbornly high at around 4.5 percent.
The central bank is likely to reiterate a "neutral" stance, thus giving itself flexibility to cut rates in February, even though only seven of the 48 analysts in the Reuters poll who gave a view on 2018's first meeting expect that outcome.
10:35 am Services PMI: The Indian service sector dipped into contraction territory during November, following growth in the previous two months. This was matched by a reduction in new work. Panellists widely blamed the deterioration in business performance to the goods and service tax (GST). Meanwhile, cost pressures intensified during the latest survey period.
Posting below the no-change mark of 50.0 in November, the seasonally adjusted seasonally adjusted Business Activity Index signalled a contraction of the service sector for the first time in three months. That said, the rate of decline was modest.
With growth in manufacturing production offsetting the fall in services activity, private sector output rose for the third consecutive month in November. Reflecting a slowdown in output growth, the Nikkei Composite Output Index fell from 51.3 in October to a three-month low of 50.3 in November. This signalled a broad stagnation in private sector output in India.
10:15 am Order Win: Steel Strips Wheels announced bagging of another exports order for supply of steel wheels for European Union caravan market.
Order comprises of 18,500 newly developed steel wheel to be shipped from company's Chennai plant from current month onwards, the company said.
10:05 am Buzzing: Bharat Forge shares gained more than 3 percent in morning after strong trend continued in North America class 8 truck orders in November.
North America class 8 truck orders for the November month were at 32,387 units, a massive growth of 68 percent over 19,285 units in year-ago.
The reason for strong leap in truck and tractor sales was US economic growth that has been topping 3 percent for last two quarters.
However, month-on-month basis, class 8 truck orders declined 9 percent from 35,700 units in October.
North American business contributes 40 percent to company's total revenue.
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