Benchmark indices Sensex and Nifty erased their gains, as both finished half a percent in the red on Friday, 22 March.
The 30-share BSE index lost 222.14 points to close at 38,164.61, while the broader 50-share NSE Nifty closed at 11,456.90, down 64.15 points.
In morning trade, both the indices opened strong. The NSE Nifty Bank Index hit an all-time high, crossing 30,000-mark.
“While we have cut our growth forecasts for the next fiscal year (FY20, ending in March 2020) on weaker-than-expected momentum, we still see Indian GDP growth to hold up reasonably well, at 6.8 per cent, followed by 7.1 per cent in FY21,” Fitch said in its Global Economic Outlook.
At closing bell, all sectoral indices with the exception of Nifty Relaty were in the red. PSU bank scrips lost the most with the Nifty PSU Bank sub-index losing more than 2 percent.