Good Morning Everyone,
Weakness in overseas markets prompted local share indices to trade marginally in the red to flattish. Rollovers to the April derivatives contract on the penultimate day of expiry also kept trade choppy.
Oil and gas, real estate, capital goods, and bank shares trading in the red today whereas defensive buying supported gains in fast moving consumer goods shares. Among banks, Indian Overseas Bank, Oriental Bank of Commerce, and Syndicate Bank lost 2.6-3.4% as Moody's Investors Services downgraded ratings for the banks, citing asset quality concerns. Profit sales dragged Pantaloon Retail India off 1.4% highs hit in the first few minutes of trade on news it has entered into a non-binding term sheet to merge its insurance joint venture with Larsen & Toubro's unit, L&T General Insurance Co.
Among FMCG gainers, Hindustan Unilever advanced 0.6% to 464.25 rupees and ITC added 1.5% to trade at 306.80 rupees. Coal India, up 1.5% at 301.95 rupees, was the top gainer on Nifty.