Sensex, Nifty Drift Lower As Moody's Cuts India Outlook

Indian shares fell sharply on Friday after Moody's Investors Service downgraded India's rating outlook and affirmed the sovereign ratings at 'Baa2'


The rating agency cut the rating outlook to 'negative' from 'stable' citing rising risks to economic growth and rising debt burden.


A prolonged period of slower growth would dampen income growth and the pace of improvements in living standards, it said.


Further, the rating agency said it does not expect the credit crunch among non-bank financial institutions to be resolved quickly.


The benchmark S&P BSE Sensex ended the session down 330.13 points, or 0.81 percent, at 40,323.61, while the broader NSE Nifty index fell by 103.90 points, or 0.86 percent, to 11,908.15.


Vedanta, UPL, GAIL, Sun Pharma and Infratel fell 3-5 percent while private banks such as Kotak Bank, ICICI Bank, IndusInd Bank and Yes Bank climbed 1-5 percent.


Realty stocks extended gains from the previous session, with DLF rallying 5.4 percent and Indiabulls Real Estate adding 4.4 percent.


Raymond shares were locked in the 20 percent upper circuit limit after the company announced the demerger of its core lifestyle business.

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