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Home » Asian Life » Asian News

Goldman downgrades Indian stocks

Goldman Sachs downgraded its rating on Indian stocks to "underweight" on concerns about delayed growth recovery and rising vulnerabilities for the economy.

The external funding environment has also become challenging causing RBI to tighten liquidity, the investment bank said in a note. Goldman Sachs also expects corporate earnings to grow at 5 percent for the current fiscal year and 11 percent for the next year, below consensus estimates.

Meanwhile on Thursday, rupee fell 10 paise to 60.50, after slumping to 60.84 in a volatile early trade at the Interbank Foreign Exchange market market, weighed down by the US dollar’s gains against other currencies.

Forex dealers said besides dollar’s gain against other currencies overseas, increased demand for the American currency from importers put pressure on the rupee. They said, however, a higher opening in the domestic equity market, trimmed the rupee’s losses.

The domestic unit had rebounded from near record lows to close seven paise higher at 60.40 against the US dollar yesterday, after the Government announced steps to boost exports and attract more foreign capital.

The BSE benchmark Sensex recovered by 179.37 points or 0.93 per cent to 19,525.07 in early trade today.

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