Benchmark indicesslipped on Friday after Moody’s Investors Services downgraded India’s outlook from ‘stable’ to ‘negative’ as concerns mount the economic slowdown will be prolonged and debt will rise.
The frontline S&P BSE Sensex was trading at 40,480 level. Private Banks were trading higher, with ICICI Bank, IndusInd Bank and YES Bank up in the range of 1.5-2.5 per cent. On the downside, Sun Pharma was trading nearly 3 per cent lower.
On NSE, the Nifty50 was hovering around 11,950-mark.
Investors reacted to rejig in the MSCI index. DLF gained over 5 per cent and Colgate Palmolive added over 2 per cent on being added to the index. On the other hand, YES bank slipped over 4 per cent after the bank was dropped in the November rebalancing.
Sectorally, only Nifty Realty, Media and IT indices were trading in the green. Nifty Realty index was the top gainer, up 2.3 per cent. Nifty Pharma and Metal indices were trading 0.5 per cent lower each.
The broader markets, however, were trading in the green. The S&P BSE mid-cap index was up 0.25 per cent, while the S&P BSE small-cap index was up 0.3 per cent.
About 180 companies, including Ashok Leyland, Bank of Baroda, Eicher Motors, M&M, and Nestle are scheduled to report their Q2 earnings today.
Shares of DLF surged 6 per cent to Rs 204 on the BSE on Friday after the company reported a strong set of numbers for the quarter ended September 2019 (Q2FY20). Additionally, stock of the real estate developer was also included in the MSCI Global Standard Index with effect from November 26, 2019. READ MORE