Sensex gets Moody, drops 100 points

TIL Desk/Business/Mumbai/ Market benchmark BSE Sensex dropped over 143 points and the NSE Nifty slipped below the 12,000 mark on Friday after Moody’s Investors Service lowered India’s credit rating outlook citing concerns over the country’s economic growth. The rupee also depreciated 30 paise against the US dollar to trade at 71.27 in early session.

The broader NSE Nifty slipped 28.25 points, or 0.24 per cent, to 11,966. Top losers in the Sensex pack included Sun Pharma, HUL, Bharti Airtel, NTPC, PowerGrid and RIL, shedding up to 1.69 per cent. On the other hand, Yes Bank, ICICI Bank, IndusInd Bank, HCL Tech, M&M, Tata Motors and ONGC rose up to 2.26 per cent.

Despite positive cues from global markets and sustained foreign fund inflow, domestic equities turned negative after Moody’s Investors Service lowered the outlook on India’s credit ratings, traders said. The agency has changed the outlook on India’s ratings to ‘negative’ from ‘stable’, saying there was increasing risks that economic growth will remain materially lower than the past.

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