Business

The Reserve Bank of India raised key interest rates by a steeper-than-expected 50 basis points last month.

Shares of blue-chips like TCS, Wipro and Infosys bore the brunt of the bearish trading sentiment and fell sharply on the bourses.

The Nasdaq is down 64, or 2.5 per cent, to 2,468.

The RBI said that the downgrade has raised concerns of continuing turmoil in global financial markets.

Lokayukta had cited alleged illegal purchase of iron ore and transactions linking the company and a group firm.

Cognizant's quarterly revenue, which grew to $ 1.49 bn outpaced Wipro's revenue of $ 1,41 bn.

Asian stocks fell more than 2 per cent and gold remained near a record high above $ 1,660.

Industrial growth in April-May this year averaged 5.7 per cent, as per data released.

Marketmen said the decline in the stock was largely because of the news that the CBI is likely to question Maran.

Cairn Energy agreed last week to sell a 40 per cent stake in Cairn India to Vedanta.

The broad-based National Stock Exchange index Nifty moved up by 21.30 points to 5,557.90.

The two-day meeting will take stock of the US-India commercial relationship.

According to reports, the DGH has refused to certify three new gas finds by RIL.

French finance minister Christine is backed by the European Union and hopes for the support of the US and China.

Costlier fruits, onions and protein-based items push the figure up for the week ended May 28.

Infosys has acquired Gen-i's software solutions practice and offered positions to its employees.