Markets opened lower following weakness across Asian markets after Japan’s credit rating was downgraded by Moody’s, citing country’s large budget deficit. The Nifty declined 15 points, to 4,931 and the Sensex was down 46 points, 16,452.
Markets across Asia reversed early gains after ratings agency-Moody’s Investor Service downgraded Japan’s credit rating from Aa3 to Aa2 due to large build up in government debt since 2009 and a high budget deficit. The Japan’s Nikkei Stock Average declined 0.5%, Hong Kong’s Hang Seng declined 0.9% and China’s Shanghai Composite was trading flat. Financial shares were leading the losses on Wednesday morning in Asia.