Benchmark indices Sensex and Nifty fell 0.80% by the closing
bell, backed by heavy selling pressure in pharma, FMCG, IT and metal
stocks. While Sensex closed 330 points lower at 40,323 level, Nifty
ended at 11,908, declining 103 points.
While Sun Pharma, Vedanta,
HUL and ONGC were the major losers by the closing hour, YES Bank,
IndusInd Bank and ICICI Bank were among the top Sensex gainers
the opening bell, equity market slipped in the red and turned volatile,
after Moody's Investors Service lowered India's credit rating outlook
citing concerns over the country's economic growth.
partly reflects government and policy ineffectiveness in addressing
economic weakness, which led to an increase in debt burden from already
The rating move coupled with MF inflows falling to a
four-month low not only caused profit-booking by investors but also
turned most sectoral indices red, except for realty and banking stocks.
Sectorally, over 2% fall was registered in pharma stocks, followed by a
1.5% loss in FMCG, IT, metal and PSU bank scrips.
Moody's revision, Nomura lowered India's 2019 GDP growth projections to
4.9% from 5.7% and lowered 2020 GDP growth projections to 6% from 6.9%.
today's bearish session, Sensex made an all-time high for the third
consecutive session, rising to 40,749 level, whereas Nifty climbed to
the intraday high of 12,034 level.
Underwhelmed by Moody's
downgrade news, Indian Rupee opened on a cautious note at 71.27 per
dollar. Later, the local unit weakened to a 3 week low and fell 19 paise
lower to 71.16 per dollar against the previous closing of 70.97 per US
While index heavyweights GAIL, Eicher Motors, Mahindra
and Mahindra, Allahabad Bank, Bharat Forge, Indraprastha Gas, Berger
Paints, Dr Lal PathLabs, MRF posted their Q2 earnings during market
hours, other listed companies that are due to release September earning
figures post marlet closing are Bank of Baroda, Religare Enterprises,
Sical Logistics, IDBI Bank, Inox Wind, Tata Communications, Tata Power,
Ashok Leyland, CRISIL, Inox Wind and IDFC among others.