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Market LIVE: Nifty below 12K, RIL, Airtel send Sensex 160 pts lower; Moody’s cuts India growth estimates

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Sensex, Nifty

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks Sensex and Nifty closed lower for the fourth consecutive session on Tuesday dragged by HDFC, RIL, Bharti Airtel, Maruti and IndusInd Bank. S&P BSE Sensex closed 161 points or 0.39 per cent lower at 40,894 points, while the broader Nifty 50 index settled at 11,993 points, down 53 points or 0.44 per cent. As many as 20 out of 30 Sensex stocks finished in red in today’s trade. Bharti Airtel was the top loser, down 2.80 per cent, followed by IndusInd Bank, Maruti, Hero MotoCorp, HDFC and Nestle India. Among Sensex gainers, SBI gained the most, up 1.08 per cent. Infosys, Power Grid, Tech Mahindra and TCS were among other gainers on the index. Barring Nifty IT and Nifty Media index, all the sectoral indices closed in red. The nifty Metal index lost the most, dragged down by Hindalco, Jindal Steel and Hindustan Zinc.

Moody's Investors Service on Monday cut its India GDP growth forecast for 2019 (calender) by 60 bps to 5% and by a sharper 120 bps to 5.4% for 2020, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies. While the economy may well begin to recover in the current quarter, we expect any recovery to be slower than we had previously expected. Accordingly, we have revised our growth forecasts to 5.4% for 2020 and 5.8% for 2021, down from our previous projections of 6.6% and 6.7%, respectively," Moody's said in its latest Global Macro Outlook report.