Apr 25, 2012, 12.58 PM | Source: Moneycontrol.com
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.
"High fiscal deficit, heavy debt burden remain most significant constraints on India rating," S&P said.
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%.
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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.