Apr 25, 2012, 12.58 PM IST
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 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.
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.
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