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Sensex slips 330 points on Moody's outlook cut, Nifty ends at 11,908

File photo Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Nov 08, 2019, 08.49 PM (IST)

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.

The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.

Moody's also took rating actions on 11 Indian financial institutions, eight corporates and seven sovereign-linked infrastructure companies.

The BSE S&P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908. 

Most sectoral indices at the National Stock Exchange (NSE) were in the negative terrain except for Nifty realty which gained by 1.6 per cent and private bank by 0.7 per cent.

Nifty pharma dipped by 2.2 per cent, PSU bank by 1.9 per cent and FMCG by 1.8 per cent as investors kept their bets low amid mixed Q2 corporate earnings.

Among stocks, Bharti Infratel was a prominent loser with a drop of 4.9 per cent. Sun Pharma dipped by 4.3 per cent, GAIL by 3.9 per cent, UPL by 3.7 per cent and Vedanta by 3.2 per cent.

Among the gainers were private lenders like Yes Bank which moved up by 4.8 per cent, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank.

Meanwhile, Asian stocks retreated after an initial rally as uncertainty about the fate of trade negotiations between the United States and China kept investors on their toes.

While Japan`s Nikkei moved up by 0.26 per cent, Hong Kong`s Hang Seng fell by 0.7 per cent, South Korean Kospi by 0.3 per cent and Shanghai Composite by 0.49 per cent.

(With inputs from ANI)

Story highlights

The BSE S&P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908.