Sensex Loses Over 200 Points after Downgrade

09 November 2011 - Which Way to Pay

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Sensex Loses Over 200 Points after Downgrade

The benchmark index Sensex lost 207 points today, pushed down by stocks sold off in banking, realty and oil. The market fall follows the downgraded outlook of the banking system in India by the ratings agency Moody’s.

The Sensex, which includes 30 shares, was at 17,658.34 at the start of trade, losing 207.43 points and closing at 17,362.10 points. 24 out of the 30 shares saw losses. The broader National Stock Exchange Nifty also saw losses of 68.30 points, closing at 5,221.05 points.

Moody’s Investor Service downgraded the outlook of the Indian banking system from ‘stable’ to ‘negative’, leading to the biggest losses throughout the banking sector. Moody’s attributed the downgrade to sluggish economic growth both in India and abroad which would inevitably hit asset quality, profitability and capitalisation.

SBI, the biggest lender in India, saw its stock fall by over 6% on the news. Concerns over the bank’s asset quality grew. Among the biggest contributors to the fall in the index were ICICI Bank, RIL, HDFC Bank and Maruti Suzuki.

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