By IANS,
Mumbai : Indian equities markets benchmark indices witnessed choppy trading Thursday, a day after ratings agency Standard & Poor’s lowered its outlook to “negative” from “stable” on India’s long-term sovereign ratings and also on major firms.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened in the positive at 17,191.02 points, closed at 17,130.67 points, down 0.12 percent or 20.62 points from its previous close at 17,151.29 points.
The Sensex was largely range bound following the expiry futures and options for April series.
The benchmark Sensex touched a high of 17,193.25 points and low of 17,084.05 points during the intra-day.
The broad-based 50-scrip S&P CNX Nifty of the National Stock Exchange ended the day 0.25 percent down at 5,189 points.
Standard & Poor’s Wednesday lowered its outlook on India to negative from stable, and warned of a ratings downgrade citing deteriorating economic indicators and slow progress on fiscal reforms in the backdrop of a “weakened political setting”.
The ratings agency also lowered its outlook to “negative” on 11 banks, four financial institutions, three IT companies and three public sector undertakings.
Losses in power, realty and auto stocks offset gains in IT, telecom, FMCG and metal segments.
The BSE power index fell 1.46 percent. The realty index fell 0.89 percent and the auto index declined 0.84 percent.
However, the BSE IT index advanced 0.41 percent and FMCG index rose 0.25 percent.
Major Sensex losers included Gail India, down 3.62 percent at Rs.324.40; Hero MotoCorp, down 3.16 percent at Rs.2,166.90; Hindalco Inds, down 2.96 percent at Rs.116.30; Tata Power, down 2.74 percent at Rs.102.85; and Bajaj Auto, down 2.67 percent at Rs.1,610.
Nine of the 30 Sensex scrips closed in the positive. Prominent gainers included: Coal India, up 2.79 percent at Rs.359.40; Jindal Steel, up 2.04 percent at Rs.488.55; TCS, up 1.68 percent at Rs.1,192; RIL, up 1.24 percent at Rs.745.45 and ITC, up 1.02 percent at Rs.248.20.