Markets closed considerably Lower after Moody’s has downgraded India’s rating from the Stable to negative level, citing rising debt factors.
At close, the BSE Sensex ended 330-pts lower at 40,323.61, while the NSE’s Nifty50 index slipped 104-pts at 11,908. The Nifty Midcap&Small of the NSE declined 0.56 & 0.36 pc, respectively.
The Moody’s also reduced the outlook on six Indian financial entities to negative. They are HDFC Bank, EXIM Bank, State Bank of India, Hero FinCorp, Housing&Urban Dev Corp(HUDCO), and Indian Railway Finance Corp(IRFC). Get Nifty Options Tips by just clicking the link.
Yes Bank, IndusInd Bank, ICICI Bank, Eicher Motors, and Kotak Bank were the top gainers on the Nifty50, while Bharti Infratel, Sun-Pharmaceuticals, GAIL India, UPL and Vedanta were top losers.
Three sectoral indices on the Nifty – Realty, Bank Nifty, Pvt bank – gained, whereas the rest eight indices plus ten thematic indices declined today.
Major selling was recorded in the Nifty Pharma (-2.24%), followed by Nifty PSU Bank (-1.89%) Nifty FMCG (-1.81%) and Nifty Metal (-1.73%) for the day.
The Realty index continued its momentum from the previous session rising 1.66-pc after the govt’s mover to strengthen the sector. DLF went up 5.38% to Rs.202.85-per share, and India Bull Real estate added 4.45% to Rs.73.30-per share. However, Godrej Properties, Mahindra Lifespace Developers and Sunteck Realty slipped, under profit booking.
Among stocks, Eicher Motors surged 1% or Rs.216 adding share value at Rs.21,640, after the company today reported its net profit for the Sept quarter scaled by 18.5% to Rs.570.5-Cr.
To avail Free Trading Tips go to our official site.