Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
S&P BSE Sensex and NSE Nifty50 opened at a lower note on Friday after Moody’s Investors cut India’s rating outlook from ‘stable’ to ‘negative’ citing country’s growth concerns.
At 1027 hours the Sensex slipped 0.14% to 40594.95 points, while Nifty was hovering 0.19% low at 11,988.70 points.
IndusInd Bank was the top gainer in the early trade, up by 2.61% on the BSE. On the downside, Sun Pharma was trading low by 2.68 as the top drag.
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On the other hand, ICICI Bank with 2.51% and Yes Bank with 1.96% was the top active companies running on the chart.
Moody said its decision reflects the rising risks that India’s economic growth will remain materially lower than in the past, partially representing the government’s effectiveness of policies addressing economic and institutional weaknesses, resulting in a gradual increase in the debt burden from already high levels.
“The outlook change is a negative surprise”, stated Nomura Research in a November 08 note.
Meanwhile, the Financial Stability and Development Council (FSDC) meeting headed by Finance Minister Nirmala Sitharaman reviewed the situation at the global and domestic levels. Matters related to financial stability and vulnerability, including non-bank lenders and credit rating agencies were also reviewed, media reports said.
(With input from agencies)
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