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Home > Markets > Sensex tanks 330 points as Moody's cuts India credit outlook
Markets
Sensex tanks 330 points as Moody's cuts India credit outlook
By  
PTI   , Published : Nov 8, 2019, 4:03 pm IST | Updated : Nov 8, 2019, 4:03 pm IST

The 30-share Sensex briefly turned positive to hit a fresh intra-day high of 40,749.33

The broader NSE Nifty plunged 103.90 points, or 0.86 per cent, to end at 11,908.15. (Photo: AP)
The broader NSE Nifty plunged 103.90 points, or 0.86 per cent, to end at 11,908.15. (Photo: AP)

Mumbai: Equity benchmark BSE Sensex tumbled 330 points on Friday, tracking losses in IT, FMCG, metal and energy stocks after Moody's cut India's credit rating outlook citing growth concerns.

Despite trading on a weak note though the day, the 30-share Sensex briefly turned positive to hit a fresh intra-day high of 40,749.33. It, however, pared all gains to end 330.13 points, or 0.81 per cent lower at 40,323.61. Similarly, the broader NSE Nifty plunged 103.90 points, or 0.86 per cent, to end at 11,908.15.

Top losers in the Sensex pack included Sun Pharma, Vedanta, ONGC, TCS, HUL, ITC, NTPC, Asian Paints and Infosys, shedding up to 4.23 per cent. On the other hand, Yes Bank, IndusInd Bank, ICICI Bank, Kotak Bank, Tech Mahindra and HCL Tech rose up to 3.76 per cent.

Moody's Investors Service cut country's credit rating outlook to negative -- the first step towards a downgrade, saying the government has been partly ineffective in addressing economic weakness, leading to rising risks that growth will remain lower.

Following the news, domestic equities turned volatile and retreated from record peaks. The Indian rupee also depreciated 33 paise to 71.30 against the US dollar intra-day.

Bourses in Shanghai, Hong Kong and Seoul settled on a negative note, while Tokyo ended in the green. Exchanges in Europe too were trading lower in their respective early deals. Brent crude futures, the global oil benchmark, fell 1.24 per cent to USD 61.53 per barrel. 

end-of
Tags: 
sensex, bse, nse, nifty, stock market, bombay stock exchange
Location: 
India, Maharashtra, Mumbai (Bombay)
Latest From Markets
After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 per cent, at 41,253.74. (Photo: File | PTI)

Sensex tanks 304 points on last day of 2019; Nifty drops below 12,200

The 30-share BSE Sensex fell 108.21 points or 0.26 per cent to 41,449.79, and the broader NSE Nifty slipped to 12,227.75. (Photo: File | AP)

Sensex drops over 100 points amid thin global trade

Besides, weakening of the American currency in overseas market supported the rupee, while steady rise in crude oil prices and weak opening in domestic equities weighed on the local unit, forex traders said.

Rupee rises 8 paise to 71.23 against US dollar in early trade

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