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Stocks, Rupee Slip after Moody’s cuts in India rating

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The Indian rupee declined by 30-pc at 71.27 Vs/ the US Dollar on Friday after Moody’s Investors Service reduced the country‚Äôs rating outlook to negative from stable, citing the rising-concerns over the economic slowdown. The rupee local unit had opened at 71.27per USD and today and has touched a low of 71.31-per USD.

In the Commodity outlook, Moody’s downgrade made bullion traders tend to push gold prices in India higher on Friday. On the Multicommodity Exchange (MCX), gold futures of Dec-2019 were trading 0.59-pc higher at Rs37,767-per 10 grams while silver futures were up by 0.30-pc to Rs.44,300/kg.

Indian share markets have fallen in trade in the opening hours, with the Nifty below 12-K levels. At 11.20-am, the Sensex lipped by 156 points at 40,497 while the Nifty down 50 points at 11961-mark. Bharti Infratel, SunPharma, Gail, UPL were among major Nifty losers, while ICICI Bank, IndusInd Bank, Yes Bank, and M&M gained. Get best stock Future Option Tips from the experts.

Meantime, Nifty Realty, Banking, and Auto witness buying, whereas the remaining nifty sectoral indices were trading in the red with major cuts in FMCG and Pharma, by 1.29 and 1.17% each.

Among Auto stocks, Shares in Eicher Motors rose 0.90% toRs.21,613.95-per share, while M&M jumped 220% to Rs593.10-per share, ahead of their quarterly earnings numbers to be posted today. For Free stocktips visit our website.