The Moody’s SBI downgrading shocker spoilt the party in the stock markets today with the Sensex shedding about 280 points and the Nifty losing about 77 points.
Even before that, the market was turning weak, particularly after the European markets opened in the red.
But what accentuated the fall was the announcement that the rating agency Moody’s had downgraded SBI that sent the market into a tizzy.
While SBI was among the biggest losers in terms of percentage, the biggest loser among the banks was ICICI Bank that lost about 4.4 per cent compared with 3.6 per cent loss by SBI at the time of closing.
Axis Bank, which lost about 2.57 per cent to close at Rs 963.10 on the NSE, and housing finance major HDFC, which lost 2.43 per cent to close at Rs 619.05, were among the top ten losers on the NSE today.
The biggest loser in terms of percentage was Tata Motors that lost 4.85 per cent to close at Rs 146.15. Mahindra & Mahindra was another auto major that shed 4.31 per cent to close at Rs 775.45 on the NSE.
Jindal Steel, Sterlite, HCL Tech and Bharti Airtel were the other top losers.
But even in such a bleak market scenario, Maruti, L&T, Wipro, BHEL, TCS, Tata Steel etc., managed to post modest gains.