Indian shares inched lower on Friday after Moody’s Investors Service lowered its rating outlook to 'negative' from 'stable', amid concerns that the country’s economic growth will remain “materially lower than in the past.” Nomura also cut India's GDP growth guidance for FY19 & FY20 following Moody's outlook revision.

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The Sensex ended the day 330 points lower at 40,324, while the broader Nifty50 index lost 104 points to end the day at 11,908. The Nifty Midcap fell 0.56 percent, while and the Nifty Smallcap index lost 0.36 percent.

Moody’s said the change in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels.

Meanwhile, it also cut the outlook on six Indian financial companies to negative. These include EXIM Bank, HDFC Bank, SBI, Hero FinCorp, HUDCO, and IRFC. However, it maintained the outlook for Bank of India, Canara Bank, Syndicate Bank, and Union bank at stable.

Yes Bank, IndusInd Bank, ICICI Bank, Eicher Motors, and Kotak Bank were the top gainers on the Nifty50, while Bharti Infratel, Sun Pharma, UPL, GAIL, and Vedanta led the losses.

Among sectors, major selling was seen in PSU Bank and pharma sectors, down around 2 percent each. Nifty Metal and Nifty FMCG also lost over 1.7 percent each during the day. Meanwhile, Nifty IT fell 1.5 percent, Nifty Auto shed 0.8 percent, and Nifty Media declined 0.7 percent.

However, the Realty index extended their sharp gains from the previous session and rose 1.6 percent after the government approved Rs 10,000 crore ($1.41 billion) for a fund to help clear stalled housing projects. The Nifty Bank and Nifty Private Bank indices were also in green for the day.

Raymond was locked in a 20 percent upper circuit after the company demerged its core lifestyle business into a separate listed entity.

First Published:Nov 8, 2019 3:39 PM IST