Early on D-Street | Close below 11,850 will take Nifty towards 11,820-11,720

Profit-taking hit D-Street on November 8 after Moody’s Investors Services changed the outlook on India to negative from a stable, which pulled down the returns for both the Sensex and Nifty for the week ended November 8.

The Sensex which hit a record high of 40,749 on November 8 closed the week with gains of just 0.4 percent. The Nifty had a touch-and-go moment with 12,000 but managed to hold above 11,900 to close the week with gains of 0.15 percent for the week ended November 8.

The broader market continued to remain under pressure as the S&P BSE Mid-cap index fell 1.07 percent while the S&P BSE Small-cap index was down 0.93 percent in the same period.

But, there was plenty of action in individual stocks. As many as 21 stocks in the S&P BSE 500 index rose 10-40 percent in the week gone by that include names like IIFL Finance, CG Power, Varun Beverages, Indiabulls Real Estate, Coffee Day, DHFL, Raymond, and Reliance Power.

On the macro front, foreign exchange reserves rose by $3.515 billion to touch a fresh lifetime high of $446.098 billion in the week to November 1, helped by an increase in foreign currency assets, RBI data showed on Friday.

The rupee on Friday tumbled by 31 paise to hit an over three-week low of 71.28 against the US dollar after Moody's Investors Services cut India's rating outlook to negative citing growth concerns.