MARKET EYE-Indian shares down; defensives gain
* The BSE index down 0.16 percent and the NSE index down 0.27 percent. * Larsen & Toubro shares fall 1.5 percent. Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle. * Traders say market is consolidating and likely to remain in a narrow range until outcome of industrial output and Infosys earnings due on Friday. * Infosys down 1.9 percent on caution ahead of earnings. * However, defensive stocks up: Index heavyweight ITC Ltd (RIC) gains 2 percent after falling 3.9 percent last month and 2.7 percent so far in January. The cigarette maker surged 42.47 percent last year. * Cipla gains 1.4 percent while Dr Reddy's Laboratories up 1 percent.
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India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article