The S&P BSE Sensex and NSE Nifty 50 indexes fell on Friday after credit ratings agency Moody's cut India's outlook to negative from stable. Losses in Friday's session were led by declines in Tata Consultancy Services, Infosys, ITC, HDFC Bank, Reliance Industries and Hindustan Unilever. The Sensex fell as much as 485 points from record high of 40,749.33 and the NSE Nifty 50 index briefly dropped below important psychological level of 11,900. For most part of the, benchmarks traded lower but briefly spiked in afternoon trading on the back of buying in banking shares. However, as volatility spiked the benchmarks resumed their downward journey.
The Sensex fell 330 points or 0.81 per cent to close at 40,324 and the Nifty 50 index declined 104 points or 0.86 per cent to settle at 11,908.
Eight of 11 sector gauges compiled by National Stock Exchange ended lower led by Nifty Pharma index's 2.2 per cent gain.
Nifty IT, Nifty FMCG, Nifty Metal and Nifty PSU Bank indexes also fell between 1.5-1.9 per cent each.
On the other hand, Nifty Realty index was top gainer, up 1.7 per cent.
Mid- and small-cap shares also witnessed selling pressure as the Nifty Midcap 100 index declined 0.5 per cent and the Nifty Smallcap 100 index declined 0.3 per cent.
Bharti Infratel was top loser in the Nifty 50 basket of shares, the stock declined 5 per cent to close at Rs 218.15. Sun Pharma, GAIL India, UPL, Vedanta, ONGC, Tata Consultancy Services and Hindustan Unilever were also among the losers, down 2.5-4.3 per cent each.
On the flipside, Yes Bank, IndusInd Bank, ICICI Bank, Kotak Mahindra Bank, Zee Entertainment and Tech Mahndra were among the gainers.
Eicher Motors rose 1 per cent to Rs 21,640 after the company informed exchanges that its profit rose 18.5 per cent to Rs 570 crore in July-September period.
The overall market breadth was negative as 1,479 shares closed lower while 1,042 ended higher on the BSE.