- Buying in information technology, pharma and select banking stocks supported the markets however losses in consumer goods stocks kept the upside in check.
- At 10:27 am, the Sensex traded 130.56 points - or 0.34 per cent - higher at 39,091.35, while the Nifty was up 34.75 points - or 0.30 per cent - at 11,706.90.
- Top gainers on the 50-scrip Nifty index at the time were Zee Entertainment, IndusInd Bank, Cipla, Power Grid and Vedanta, trading between 1.52 per cent and 2.75 per cent higher. On the other hand, Indiabulls Housing Finance, Asian Paints, Hindalco, Titan and HUL were the top laggards on the index, struggling with losses of between 1.06 per cent and 1.73 per cent.
- While Infosys, ICICI Bank and HDFC contributed the most to the advances in Sensex, Hindustan Unilever, Asian Paints and Maruti Suzuki India were the top drags.
- Fitch lowered India's growth forecast to 6.6 per cent for the current fiscal year from 6.8 per cent projected earlier, as manufacturing and agriculture sectors showed signs of slowing down over the past year.
- The global ratings agency, however, retained the country's GDP growth forecast for the next fiscal year (2020-21) at 7.1 per cent and 7.0 per cent for 2021-22. (Also read: Fitch says RBI may cut rates by another 25 basis points in 2019)
- Official data last month showed economic growth in the country hit a five-year low of 6.8 per cent in 2018-19.
- In the global markets, investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.
- MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent. The Shanghai Composite Index lost 0.25 per cent, Hong Kong's Hang Seng rose 0.15 per cent and Japan's Nikkei dipped 0.3 per cent.
- The Sensex and Nifty had closed 1.25 per cent and 1.28 per cent lower respectively on Monday, extending declines to a fourth day in a row.
(With inputs from Reuters)
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