Selling pressure seen near 12K levels

The Sensex dropped 330 points on Friday after Moody's Investors Service flagged domestic growth risks and cut its ratings outlook for the country to negative. The ratings agency also cut its ratings outlook for a clutch of companies to negative, including HDFC Bank, SBI, IOC and Infosys.

Profit-booking in the market following the recent record-setting run and unease over frothy valuations also took their toll, analysts said. Trading on a weak note, the Sensex ended

330.13 points, or 0.81 per cent, lower at 40,323.61. The Nifty-50 plunged

103.90 points, or 0.86 per cent, to end at 11,908.15.

For the week, the Nifty made a gain of

0.15 per cent, while the Sensex gained 0.39 per cent. The Sensex had closed at fresh lifetime highs in three of the five sessions this week, while the Nifty had reclaimed the key

12,000-mark after five months.

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