The market is still under pressure as the Sensex is down 30.02 points at 28071.70. The Nifty is down 12.25 points at 8513.35. About 1029 shares have advanced, 1345 shares declined, and 118 shares are unchanged. Infosys, SBI, TCS, Cipla and Maruti Suzuki are top gainers while Hindalco, Tata Steel, Tata Motors, HUL and BHEL are laggards in the Sensex.
Meanwhile, Moody's Investors Service said India's future sovereign credit profile is more exposed to negative effect of drought, but the steps taken by the government, if sustained over the next 2-3 years, could have a mitigating influence. "Although India may avoid drought this year, its economy remains vulnerable to future drought or fluctuations in rainfall, and its sovereign credit profile is more exposed to the negative effect of drought than those of most 'Baa' rated sovereigns," Moody's said in a report. It currently rates India at 'Baa3', the lowest investment grade - just a notch above 'junk' status.
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