Erasing all its morning gains, the domestic equity market edged lower on Friday, as investors booked profits after Fitch Ratings cut India's growth forecast. The 30-share BSE index Sensex, which opened on a positive note, ended marginally lower at 38,164.61, down 222.14 points.
On similar lines, NSE's Nifty50 index slipped below the 11,500 level to end at 11,456.90, down 64.15 points. The losses in energy stocks snapped the eight-day winning streak of the BSE benchmark sensex.
Fitch Ratings on Friday cut India's GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum.
Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent). NTPC emerged as the biggest gainer in the index, spurting 3.67 per cent.
In early trade, market benchmark BSE Sensex rose over 119 points for the ninth straight session amid gains in banking, metal and auto stocks following sustained foreign fund inflow.
The 30-share index was trading 119.52 points, or 0.31 per cent, higher to 38,506.27. The NSE Nifty also advanced by 36.35 points, or 0.32 per cent, to 11,557.40. Brokers said sustained foreign fund inflows and continued buying by retail investors influenced the market.
India's financial markets were shut on Thursday for a public holiday on the occassion of Holi.
(With inputs from agencies)