Indian equity markets bleed
profusely throughout the trading session today on the back of the possible
downgrade of India by S&P and report of a missile attack on Syria. Sensex
crashed over 650 points or 3.45% and ended the day at 18,234.66 while Nifty
ended at 5,341.45 and tumbles 210 points or 3.77%. Rupee plunged over 200 paise
or 3% to 68.12 against dollar.
Equity markets fell sharply after
reports said that the Russian defence ministry had detected two ballistic
"objects" fired towards the eastern Mediterranean. The Russian
embassy in Syria later said there were no signs of a missile attack or
explosions in Damascus.
According to news channel report
Standard & Poor's considers chances of a credit ratings downgrade for India
higher than for Indonesia. Report added that there was more than a one-in-three
chance for India rating cut within two years. S&P has a
"BBB-minus" rating on India with a "negative" outlook. A
downgrade would push Asia's third largest economy to "junk" status.
Among the sectoral indices Bank
Nifty plunged -5.20% followed by CNX Realty (-4.88) and CNX Finance (-4.87%).
Meanwhile all other major indices ended the day at negative terrain.
Out of 50 stocks of Nifty 3
stocks ended in green zone and 47 stocks ended in red.
Top Nifty gainers: LUPIN (2.59%),
Coal India (1.14%) and CAIRN (0.91%) were only gainers of the day.
Top Nifty losers: Axis Bank
(-10.65%), IndusInd Bank (-8.67%), DLF (-7.17%), Reliance Infrastructure (-7.11%)
and PNB (-7.05%) were top laggards.
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