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06-11-2012, 08:04 PM #1
Sensex erases gains; down by 51 pointsAfter surging nearly 175 points, the stock markets erased the gains and closed 51 points lower, breaking a five-day uptrend, after S&P warned India could become the first BRIC nation to lose investment-grade rating.
The BSE benchmark index, which had gained 754 points in the last five straight sessions, opened higher in the morning and advanced 174.94 points to touch a day’s high of 16,893.81.
However, an S&P report that cited slowing GDP growth and political roadblocks to economic policy making as some worrying factors came up as a dampener and pulled down the index from the day’s high level to 16,668.01, lower by 50.86 points from its previous close.
Blue-chips RIL, SBI, ICICI Bank, L&T and Maruti were among the 18 counters that declined in the 30-share index.
Brokers said a better trend in global stock markets and Finance Minister’s assurance of recovery in GDP growth in next fiscal saved the market from a major fall....being a human...