Indian market weakened for a third straight session on Thursday after Standard & Poor's said it may cut the country's sovereign rating if the next government fails to provide a credible plan to revive the economic growth.
The BSE Sensex closed down 0.35 percent at 20,822.77. The broader Nifty closed down 0.45 percent at 6,187.25. Indexes had earlier gained more than 1 percent, but started retreating after S&P reiterated its negative outlook on India's sovereign rating and put the onus on the new government to restore the country's growth and improve finances.
European equities closed flat on Thursday, despite initially rallying after the European Central Bank cut its main interest rate to 0.25 percent from 0.50 percent. US stocks declined sharply on Thursday, with the Dow Jones Industrial Average halting its record advance and Twitter's market debut drawing the spotlight, as investors reacted to an unexpected rate cut by the European Central Bank and a read on third-quarter US economic growth.
Global cues are subdued today with them SGX Nifty is showing 25 points cut in morning trade indicating that Indian market may open soft today and Nifty is expected to trade between 6230 and 6130 with downward biasness.
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Nifty may trade between 6130-6230: Magnum Equity Broking
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