Indian share markets pared losses to turn positive in the afternoon session. At the closing bell, the BSE Sensex closed higher by 45 points. While, the NSE Nifty finished higher by 10 points. Meanwhile, the S&P BSE Midcap Index and S&P BSE Small Cap Index ended up by 0.4% & 0.8% respectively.

Among the sectoral indices, metal stocks and information technology stocks finished in red. While, power stocks and realty stocks gained the most.

Overseas, Asian stock markets finished lower today with shares in China leading the region. The Shanghai Composite is down 0.94% while Hong Kong’s Hang Seng is off 0.60% and Japan’s Nikkei 225 is lower by 0.24%. European markets are higher today with shares in Germany leading the region. The DAX is up 0.38% while London’s FTSE 100 is up 0.15% and France’s CAC 40 is up 0.03%.

The rupee was trading at Rs 64.69 against the US$ in the afternoon session.

Ashok Leyland share price surged 4.2% after the company inked a pact with its long-standing Japanese partner Hino to jointly develop BS-VI compliant engines.

In the news from the economy. Standard & Poor’s (S&P) retained its outlook on India as stable, and kept the rating unchanged at BBB-.

While the agency retained its rating on India, it also lauded the Modi-led government’s fiscal consolidation drive under which multiple reforms were taken towards the path of a favorable economy including the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, 2016 and others.

The report noted that despite two quarters of weaker-than expected growth, Indian economy will grow robustly in 2018-20, and foreign exchange reserves will continue to rise.

Further, it stated that over the next two years, India’s growth will remain strong and fiscal deficits will remain broadly in line with the expectations.