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Sensex, Nifty Modestly Lower In Early Trade

Indian shares opened a tad lower on Friday after Moody's Investors Service cut India's credit ratings outlook to negative from stable, citing a growing debt burden and the government's struggle to narrow the budget deficit.

The benchmark S&P BSE Sensex dropped 64 points, or 0.16 percent, to 40,589 while the broader Nifty index was down 26 points, or 0.21 percent, at 11,986.

InterGlobe Aviation shed 0.7 percent after Qatar Airways reiterated its interest in picking up a stake in IndiGo.

BPCL lost about 1 percent even as its Q2 profit beat estimates.

DLF soared 4.3 percent on reporting a 19 percent increase in consolidated net profit for the September quarter.

PNB Housing Finance was little changed after raising Rs 2,500 crore from state-owned Life Insurance Corporation (LIC) through non-convertible debentures.

Raymond jumped more than 8 percent after it announced the demerger of its core lifestyle business.

Thomas Cook (India) rose half a percent as it posted a consolidated net profit of Rs 4.26 crore in the September quarter, compared with a consolidated net loss of Rs 6.25 crore in the corresponding period last year.

Bank of Baroda and Nestle were up around half a percent ahead of their quarterly results due today.

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