The BSE Sensex and NSE Nifty fell 1% each after the foreign rating agency S&P said it has revised India outlook to negative, citing investment & economic growth slowed and CAD widened.
The BSE Sensex and NSE Nifty fell 1% each after the foreign rating agency Standard & Poor's (S&P) said it has revised India outlook to negative, citing investment & economic growth slowed and current account deficit (CAD) widened. Rating agency expects Indian government to face headwind in implementing policy measures going forward. However, the agency affirmed BBB- rating for India.
The BSE benchmark was down 163 points or 0.95% to 17,044.25 and the NSE benchmark dropped 54.85 points to 5,167.80 or 1.05%.
For more mid-market updates, listen to the accompanying audio..
All sectoral indices took beating today. Power, Capital Goods, Realty, Bank and Metal indices were down 1-1.7%.
India's largest private sector lender ICICI Bank tanked 2% while rivals State Bank of India and HDFC Bank fell 0.9% and 0.6%, respectively. Housing finance company HDFC too was down 0.7%.
Engineering and construction company Larsen & Toubro declined over 1.5% and state-owned capital goods company BHEL lost over 2%. NTPC, country's largest power generation company went down 2%.
Index heavyweights and oil & gas producers Reliance Industries and ONGC were down 0.5% each.
Technology stocks continued to fall after muted guidance for Q1FY13 by Wipro. Top IT services exporters TCS and Infosys declined 1.6% and 0.6%, respectively.
However, shares of top telecom operator Bharti Airtel outperformed, rising 1.5%. Hero Motocorp and Maruti Suzuki gained 0.6% each ahead of sales numbers for April.
The BSE Sensex continued to trade volatile ahead of April expiry session on Thursday. Shares of Wipro, Infosys, TCS and ICICI Bank weighed on the market while Bharti, Reliance Industries, L&T and State Bank of India were supporting the market.
The BSE Sensex and NSE Nifty stayed flat, even after positive Asian cues. Banking & financials, auto, metals and oil & gas stocks were helping the market.
The BSE Sensex and NSE Nifty started of trade lower on Wednesday due to fall in technology stocks, but immediately recovered somewhat led by gains in banks, metals, oil & gas and healthcare stocks. Overall the indices were moving around their previous closing values.
ADS BY GOOGLE
video of the day
India will not be spared if EMs trend lower: Deutsche Bank