Rating action spooks markets
The BSE Sensex tumbled 330 points on Friday to close at 40,323.61, as investors pressed the exit button after Moody’s cut India’s credit rating outlook citing growth concerns.
Profit-booking following the recent record-setting run and unease over frothy valuations also took their toll, analysts said.
Similarly, the NSE Nifty plunged 103.9 points, or 0.86 per cent, to end at 11,908.15. The broader BSE mid-cap and small-cap indices also ended up to 0.79 per cent lower.
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.
During the action-packed week, the Sensex advanced 158.58 points or 0.39 per cent, and the Nifty inched up 17.55 points or 0.14 per cent.