By RTT News, October 17, 2013, 12:34:00 AM EDT
(RTTNews.com) - Indian shares fell slightly on Thursday after the World Bank revised downwards India's economic growth forecast for the current financial year to 4.7 percent from 6.1 percent projected in April, citing two consecutive months of negative business sentiment and higher interest rates.
The benchmark Sensex is currently down 4 points or 0.02 percent at 20,544, while the Nifty index is at 6,085, down 4 points or 0.07 percent from its previous close.
The other Asian markets are posting modest gains after the U.S. Senate voted 81-18 to end the 16-day partial government shutdown and also temporarily raise the debt ceiling.
In stock-specific action, TCS is losing 2.2 percent despite posting strong Q2 results on the back of all-round strong growth across markets and industries. HCL Technologies is down 1.1 percent despite reporting a better than expected 19 percent jump in quarterly profit.
Banks are subdued, with SBI trading flat, ICICI Bank declining 0.8 percent and HDFC Bank down 0.9 percent. Bank loans and deposit growth grew slower than RBI estimates so far in the current fiscal year, data released by the central bank showed.
Bajaj Finserv is declining 1.4 percent on reports it has sought regulatory approval to launch credit card business on its own.
Axis Bank is gaining 0.8 percent ahead of its Q2 results today. Bajaj Auto is rallying 2 percent on posting a 13 percent rise in its second quarter net profit, beating estimates.
Ashok Leyland is rising 1.2 percent after launching its intermediate commercial vehicle 'Boss'.
Cadila Healthcare, also known as Zydus Cadila, is moving up 0.4 percent after signing a pact with a German firm for drug development.
Apollo Tyres is climbing 2.5 percent after opening a branded retail outlet in Sri Lanka. Phoenix Mills is rising 1.3 percent after the company bought out IL&FS' stake in Offbeat Developers, an associate of the company.
Indian shares fell modestly from a nearly three-year high on Tuesday as investors took some profits off the table ahead of a public holiday on Wednesday on account of Bakrid. The benchmark Sensex erased early gains to end down 60 points or 0.29 percent at 20,548, while the broader Nifty index fell 24 points or 0.39 percent to 6,089.
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