By RTT News, October 09, 2013, 12:35:00 AM EDT
(RTTNews.com) - Indian shares fell modestly on Wednesday, weighed down by weak global cues and growth worries after the International Monetary Fund cut its India's growth forecast to 3.75 percent in 2013 from 5.7 percent estimated earlier, citing slowdown in demand and weak manufacturing and services sector performance.
The other Asian markets are trading mostly lower on worries a U.S. debt default could seriously damage the world economy as the partial government shutdown entered its ninth day.
The BSE Sensex is currently down 60 points or 0.3 percent at 19,923, with banking and metal stocks pacing the declines. The NSE Nifty index is down 20 points or 0.22 percent at 5,909. The rupee drifted below 62 levels in early trading compared with Tuesday's close of 61.79 per dollar.
Private sector lender ICICI Bank is tumbling 2.6 percent, telecom major Bharti Airtel is down 1.6 percent and Maruti Suzuki, India's largest carmaker, is down a percent.
SBI is losing a percent on revising interest rates on bulk deposits. Punjab National Bank is declining 0.6 percent after cutting lending rates on auto and consumer durable loans.
Reliance Infrastructure is moving down 0.3 percent ahead of a board meet today to consider raising funds through borrowing in the domestic/international markets.
Suzlon Energy is rising 1.5 percent after its subsidiary REpower launched its 3-MW turbine for the Canadian market. Tata Motors is gaining 0.9 percent on launching the CNG version of its small car Nano.
Videocon Industries is rising marginally after issuing a clarification on reports of stake sale in its telecom arm. DLF is adding 1.6 percent after selling non-core assets to reduce debt.
IL&FS Engineering and Construction Company is edging up 0.1 percent ahead of a board meet today to consider a rights issue. Bayer CropScience is rising 1.9 percent on reports it is in preliminary talks to buy a minority stake in Hyderabad-based Kaveri Seeds.
Compucom Software is rallying 5.8 percent. The software and education company said it has secured a contract worth Rs 158.50 crore from the Rajasthan government for providing IT education in secondary schools of the state.
The benchmark indexes Sensex and the Nifty rose less than half a percent each on Tuesday, with banks pacing the gainers, after the Reserve Bank of India lowered the marginal standing facility rate by 50 basis points to 9 percent with immediate effect, relaxing the emergency measures taken to stabilize the rupee in July.
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