Sensex pares some losses, closes 289 points down

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A benchmark index for Indian equities on Tuesday pulled up from the day's lows, but still closed 289 points lower with wide-spread selling seen amid negative global cues and a rating downgrade for the country's largest lender State Bank of India.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,081.77 points, closed at 15,862.3 points (provisional), down 289.15 points or 1.79 percent from its previous close at 16,151.45 points.

It had fallen 406 points or 2.51 percent to an intra-day low of 15,745.43 points.

Adding to the woes of the markets was a downgrade of India's largest lender, State Bank of India (SBI), by credit rating agency Moody's, over the bank's ability to manage capital in the likelihood of rising non-performing assets.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended in the red at 4,772.25 points.

Broader markets were also subdued. The BSE midcap index was down 1.27 percent while the BSE small cap index ended 1.09 percent lower. The BSE 500 index closed 1.55 percent down.