INSUBCONTINENT EXCLUSIVE:
Mumbai: Indian stock indices ended down by nearly 1 per cent on Friday in a late sell-off after ratings agency Moody's Investors Service
economic growth will remain materially lower than the past
This cut in ratings comes almost after two years when it had upgraded India's sovereign ratings
India's ratings were upgraded to Baa2 from Baa3 in 2017 citing progress on economic and institutional reforms by the Narendra Modi-led
government.
The Sensex fell 330 points or 0.8 per cent at 40323.61 after scaling a new all-time high fo 40749.33
The Nifty, which had ended above the 12,000 mark for the first time in five months the previous day, ended down 103.90 points or 0.9 per
cent at 11908.15 on Friday
Foreign portfolio investors were buyers of Indian shares on Friday despite Moody's decision
They bought shares worth Rs 932 crore on Friday and domestic institutional investors sold local stocks worth Rs 584 crore
FPIs have bought Rs 23,926 crore in the last four weeks
per cent at Rs 421.8, as the worst performer on the Sensex
Vedanta, ONGC, TCS, Hindustan Unilever and ITC also lagged, ending down 2-3 per cent
The rupee fell 31 paise to hit an over three-week low of 71.28 against the greenback due to Moody's lowering its ratings outlook
Despite the losses on Friday, the benchmark indices ended with gains for the weekcompleting their fourth weekly gain in five weeks.
India's
Sensex has risen 5.6 per cent in the last four weeks led by sustained foreign flows into emerging markets and better-than-expected
corporate earnings from some heavyweight companies.
Andrew Holland, chief executive of Avendus Capital Alternate Strategies believes that
