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Home » News » Markets » Local Markets

Apr 25, 2012, 12.58 PM | Source: Moneycontrol.com

Sensex falls 1% as S&P cuts India outlook to negative

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.

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Sensex falls 1% as S&P cuts India outlook to negative

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.

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12:00
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.

"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%.

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.

11:25
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.

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10:12
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.

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09:20
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.

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