Sensex slides 330 points on Moody’s downgrade; Sun Pharma down 4%
Equity market was highly volatile in the afternoon session on Friday with the benchmark indices oscillating berween the positive and negative territories after Moody’s Investors Services downgraded India’s sovereign outlook from ‘stable’ to ‘negative’, saying concerns mount the economic slowdown will be prolonged and debt will rise.
After hitting a fresh record high of 40741.69 levels during the session, the frontline S&P BSE Sensex was trading around 100 points lower. Private Banks were trading higher, with ICICI Bank, IndusInd Bank and YES Bank up in the range of 3-7 per cent. On the downside, Sun Pharma was trading nearly 3 per cent lower.
On the NSE, the Nifty50 slipped below the crucial 12,000-mark to hover around 11,950 levels. .
Sectorally, Nifty Realty index was the top gainer, up 2.3 per cent, followed by gains in Nifty Private Bank (up 0.74 per cent), and Nifty Auto (up 0.58 per cent) indices. On the flipside, Nifty Pharma and FMCG indices, each, were trading over a per cent lower.
The broader markets, however, were trading in the green. The S&P BSE mid-cap index was up 0.06 per cent, while the S&P BSE small-cap index was up 0.12 per cent.