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While the policy stance was on the expected lines, the RBI’s decision to impose an incremental Cash Reserve Ratio (CRR) of 10% of NDTL on banks dampened Dalal Street’s mood. The incremental CRR has been imposed for May 19-July 28 period, and the RBI will review the same on September 8, Das said, adding that the move is “purely” a temporary measure.

The US CPI inflation data for July that is to be announced later in the day will be crucial for the metal, Singh said, adding that softer than expected CPI data may support the metal prices to some extent. However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat

On the technical charts, the 200-day moving average of the stock stood at Rs 2781.21.

And even though the valuations look attractive, there is outlook for better ad spend by most of the end-user industries it is very difficult to build confidence in the stock at current levels.

"We had upped the prices last year when oil was somewhere around $120 odd. We have not really reduced or done anything and therefore the margins have expanded and along with that, rebating has gone up a little bit in the marketplace. If the prices go up, we tend to adjust."

A total of 16,607 shares changed hands on the counter till 10:41AM (IST)

​This signifies people holding a short position on a stock have decided to exit, and further, traders buy back shares that they initially took positions to short sell. Multiple short positions are squared off and is said to be a cautiously bullish indicator.​

“The IT sector, buoyed by an ever-increasing global reliance on technology, looks primed for more growth. Pharma, on the other hand, is benefiting from the dual boost of a growing domestic market and increased demand for generics,” she said in an interview to ETMarkets.

Nothing Fitch says is wrong, but nothing it says is new either and there aren’t any real-world implications of the downgrade (as far as covenants being tripped or people not being able to own Treasuries).

India Cements, incorporated in the year 1946, is a Small Cap company (having a market cap of Rs 7101.29 Crore) operating in Cement sector.