Sensex slides 330 pts on Moody's downgrade

Friday,   08-Nov-2019   04:08 PM (IST)

After showing resilience in the early hours of the trade, stock market came under heavy selling pressure in the last hour of the session on Friday after global rating agency Moody's lowered India's outlook to 'negative' from stable. Further, reports that the rating agency has also revised outlook of IT majors Infosys and TCS along with six financial companies such as Exim India, HDFC Bank, Hero FinCorp, HUDCO and SBI to negative, too, spooked market participants. The S&P BSE Sensex lost 330 points or 0.81 per cent to settle at 40,324. During the day, the index hit a fresh lifetime high of 40,749.33. YES Bank (up nearly 4 per cent) emerged as the top gainer on the index while Sun Pharma (down over 4 per cent) was the biggest loser. TCS, Infosys, Reliance Industries (RIL), ITC, and Hindustan Unilever (HUL) were the top contributors to the index's fall. Of 30 constituents, 24 ended in the red and just 6 in the green. Market breadth remained in favour of declines as of 2,697 companies traded on the BSE, 1,472 declined and 1,047 advanced while 178 remained unchanged.  On the NSE, the Nifty50 slipped below 12,000-mark to end at 11,908, down 104 points or 0.86 per cent. The index hit a high of 12,034.15 during the day. On a weekly basis, Sensex gained 0.39 per cent while Nifty added 0.14 per cent.  Volatility index India VIX spiked over 4 per cent to 15.86 levels.  In the broader market, the S&P BSE MidCap index lost 117 points or 0.79 per cent to end at 14,731 and the S&P BSE SmallCap closed 71 points or 0.53 per cent lower at 13,475 levels.