Indian Shares Off Day's Lows
(RTTNews.com) - Indian shares fell on Wednesday as investors took some profits off the table following recent sharp gains. The Asian markets are trading mostly lower on profit taking, dampening investor sentiment to some extent. The Indian rupee, however, opened marginally higher at 63.84 against Tuesday's close of 63.85 per dollar.
Trading off their day's lows, the benchmark Sensex and the Nifty are currently down about 0.1 percent each.
Tata Motors is losing 1.3 percent on profit taking following Tuesday's 10 percent rally. Hindustan Unilever, Sun Pharma, ONGC, BHEL, ITC, NTPC, Asian Paints and JP Associates are down 1-2 percent.
Lenders are trading mixed after the Reserve Bank of India announced that banks can raise funds overseas up to a limit of 100 percent of their unimpaired Tier I capital as at the close of the previous quarter, with an upper limit of $10 million. HDFC Bank is losing half a percent and ICICI Bank is moving down 0.8 percent, while SBI is up 0.6 percent.
KPIT Cummins Infosystems is trading flat after unveiling its new brand and visual identity with a new logo and name. Mahindra & Mahindra is moving up 0.8 percent. The utility vehicles manufacturer announced that its iconic SUV, Scorpio, has recorded sales of over 4 lakh units till date.
Eros International Media is rallying 4.5 percent. The company announced that its parent Company Eros International Plc. has filed an updated registration statement with Securities & Exchange Commission of United States relating to a proposed IPO of its A ordinary shares.
TCS is gaining 0.9 percent on bagging a multi-year, multi-million contract from Scandinavian Airlines to help transform and optimize its processes, applications and infrastructure. HCL Technologies is down 0.4 percent despite bagging a contract from U.K.-based mining company Anglo American.
NMDC is rising 0.3 percent even as the Income Tax Department reportedly slapped a Rs 1,631 crore tax notice on the company for allegedly under invoicing some export accounts between 2006 and 2010.
Strong buying by foreign funds on the back of easing concerns about a potential Western-led strike in Syria and encouraging exports data domestically lifted the benchmark indexes Sensex and the Nifty to more than six-week highs on Tuesday. Both the Sensex and Nifty jumped about 3.8 percent each to 19,997 and 5,897, respectively.
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