Indian benchmark indices made a weak start on Friday. The Sensex traded lower by 100 points below 40,550. The Nifty traded below 12,000 levels.
Market participants reacted to Moody's changing India's outlook to negative from stable. The agency, however, affirmed the Baa2 rating.
Moody's decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than Moody's had previously estimated.
Sectorally, Nifty Realty extended gains for the third day, rising 2%. However, Nifty Pharma and PSU Bank traded lower.
Nifty Realty was propelled by Brigade (+7%) and DLF.
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