The Indian indices which were buoyant for most part of trade today, slipped into the red soon after reports of a S&P downgrade threat surfaced. The global rating agency S&P has said that India may become the first country among BRIC (Brazil, Russia, India and China) to lose investment grade rating.

The falling trend was also seen in the Rupee which lost 0.24 paise to trade at Rs 55.66 post the S&P comments.

The Benchmark BSE closed at 16,668 points, down 50 points and the Nifty ended the day at 5,054, down 14 points.

On the sectoral front, most of the sectors on BSE were seen in red, except consumer durables and FMCG, which were up marginally.

Markets in Asian and Europe were in positive terrain on reports of the Spanish bank bailout.The Nikkei 225 was trading up by 1.96%, while the Hang Sang was up 2.44%. The Shanghai Composite was higher by 1.04%. In Europe the UK'S FTSE, the German DAX and the French CAC were all trading higher at 3 pm IST.

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