Indian share market indices started volatile on Friday with the Nifty below 12k mark after rating agency Moody’s slashed India’s outlook notch from Stable to Negative over rising concerns over an economic slowdown.
The Indian rupee too weakened by 0.40-pc against the US-dollar, after Moodys cut in India-rating outlook. Sensex also traded lower over 100-points at the start.
At 10.15-am, the index turned minor progress with the Nifty hovering at 11,995, down just 16 points while the Sensex at 40610, down by 43 points.
Sun Pharma and Bharti Infratel slipped more or less 3%, followed by HUL, UPL, and Cipla were among major Nifty losers, whereas ICICI Bank, IndusInd Bank, Yes bank, Mahindra&Mahidnra, and Zee Enterprises were gainers.
Sectoral indices are combined with buying and selling, where major buying has witnessed reality, Auto, and Banking. ON the other hand, major selling was seen in Pharma and FMCG, surrounding 1 percent.
The Nifty Realty trade higher by 2.15%, extending We3dnesday and Thursday’s gains after the finance minister announced that the Centre will infuse Rs10,000-Cr in the Rs25,000-cr AIF fund to complete the halted realty projects.
DLF, Indiabulls Real estate, Brigade and Sobha rose between 2 to 6% currently.
Also with MSCI India rejig, DLF and HDFC AMC gained post the inclusion of both the stock on the MSCI India index. DLF advanced 6% while HDFC AMC gained 5%.