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Moody's upsets investors' mood, Sensex loses 330 pts
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SME Times News Bureau | 08 Nov, 2019
Selling intensified towards the closing bell 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.
Consequently,
Sensex settled 330.13 points lower at 40,323.61 while the broader Nifty
lost 106.35 points to end at 11,905.70. This was Nifty's steepest fall
in almost a month after showing recovery from lower levels in the last
few sessions.
At noon, markets appeared to have taken the
downgrade in their stride briefly as Sensex scaled a fresh high of
40,749.33. But poor earning numbers by state-owned GAIL, Bharat Forge
and Allahabad Bank along with Moody's downgrade hurt the momentum.
"Rating
downgrade forced investors to book profit in a volatile market and
rupee weakened to a 3 week low. Given the subdued performance of the
equity market during the year MF inflows fell to four month low while
premium valuation of large & blue-chips is not attracting new funds
in the market," said Vinod Nair, Head of Research, Geojit Financial
Services.
The government in response to the rating downgrade said
India continues to be among the fastest growing major economies in the
world, and that the country's relative standing remained unaffected.
There
were only six gainers during Friday's volatile trade session. Yes Bank
settled 4.66 per cent higher followed by IndusInd Bank which jumped 2.98
per cent. ICICI Bank, Kotak Mahindra Bank, Tech Mahindra and HCL Tech
gained up to 2 per cent.
The top losers were Sun Pharma, Vedanta, ONGC, TCS and Hindustan Uniliver which ended lower in the range of 2-5 per cent.
Deepak
Jasani of HDFC Securities said there is a possibility of further
weakness in the Nifty in the coming sessions. Jasani said that
technically, Nifty falling sharply from near the new swing high of
12,034 levels could indicate a reversal pattern at the highs.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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