The BSE Sensex closed the day lower by 56 points at 17151 points, while the NSE Nifty closed the day lower by 20 points. The markets were marginally up in early trade, before the S&P revision, saw them reacting reacting sharply following news of the revision.
Wipro closed the day lower by almost 7%, following a subdued set of results. Among the star performers today was United Spirits, which gained almost 8%, following reports that Diageo was in talks to buy a stake in the company.
Among today's gainers were Hero Motorcorp, Sesa Goa, Sterlite and Bharti Airtel. Markets are now likely to remain rangebound in the absence of any domestic cues and are expected to track global events.
All eyes would now be on the Federal Reserve which is expected to make a statement today, following a two day policy meeting.