Home / Business / Sensex drops 107 pts as S&P keeps sovereign rating unchanged

Sensex drops 107 pts as S&P keeps sovereign rating unchanged

9:55 HRS IST

Mumbai, Nov 27 (PTI) The benchmark BSE Sensex fell by 107
points in early trade today, cutting short its seven-day
winning streak as investors reduced their bets after Standard
& Poor’s kept India’s sovereign rating unchanged.

Negative Asian cues too weighed on sentiment here.

The 30-share Sensex fell 106.92 points, or 0.31 per cent,
to trade at 33,572.32. The gauge had rallied 918.80 points in
the previous seven sessions.

The NSE Nifty dropped 41.65 points or 0.40 per cent to
10,348.05.

IT, banking, oil and gas and FMCG stocks fell in early
trade dragging the indices into the negative zone.

Infosys, Adani Ports, Sun Pharma, Power Grid, Bharti
Airtel, Hindustan Unilever, SBI, Kotak Bank, Tata Steel, ITC
Ltd, Bajaj Auto, Tata Motors, Coal India, Reliance Industries
and TCS fell up to 1.33 per cent.

However, ONGC, L&T, Lupin and ICICI Bank were trading in
the positive zone.

Sentiment took a hit after Standard & Poor’s on Friday
kept its sovereign rating for India unchanged at ‘BBB-minus’
with ‘stable’ outlook saying vulnerabilities stemming from low
per capita income and high government debt balance strong GDP
growth, brokers said.

A weak trend in other Asian bourses as investors await
the release of key Chinese data later in the week also
dampened sentiment here, they said.

Hong Kong’s Hang Seng was down 0.37 per cent, Shanghai’s
Composite index fell 0.79 per cent while Japan’s Nikkei was
edged lower by 0.34 per cent in early trade today.

The US Dow Jones Industrial Average ended at another
record highs on Friday by rising 0.14 per cent.

Source of news : Ptinews

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