Indian benchmarks were trading in red during the late morning deals led by a decline in FMCG and Power sectors. Meanwhile, the Indian rupee was off day's low trading at 71.22 per dollar.

Moody’s Investors Service on November 7 changed its outlook on India’s ratings to "negative" from "stable", citing increasing risks that the country’s economic growth will remain lower than in the past. The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the rating agency said.

Among key stocks, shares of Eicher Motors gained more than a percent and Mahindra & Mahindra rose 2 percent on November 8 ahead of quarterly earnings report due later today.

Meanwhile, Gold futures bounced back after hitting a near one-month low yesterday after China and the United States agreed to rollback tariffs as part of Phase 1 of the trade deal.

At 11:17 hours, the 30-share benchmark index was trading at 40510.33 down by -143.41 points or by -0.35 per cent and then NSE Nifty was at 11965.2 down by -46.85 points or by -0.39 per cent.

BSE Sensex touched intraday high of 40630.56 and intraday low of 40452.26 The NSE Nifty touched intraday high of 11996.55 and intraday low of 11948.50.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 490.55,+2.48%), IndusInd Bank Ltd. (Rs. 1413.70,+2.38%), YES Bank Ltd. (Rs. 68.00,+2.26%), Mahindra & Mahindra Ltd. (Rs. 591.35,+1.89%), Bharti Airtel Ltd. (Rs. 374.20,+0.69%), among others.

Whereas, Sun Pharmaceutical Industries Ltd. (Rs. 428.10,-2.80%), Hindustan Unilever Ltd. (Rs. 2096.00,-1.96%), ITC Ltd. (Rs. 261.45,-1.67%), Tata Steel Ltd. (Rs. 396.55,-1.64%), NTPC Ltd. (Rs. 117.90,-1.38%), among others were the top losers.

Among sectors, Realty index was at 2156.48 up by 35.44 points or by 1.67%. DLF Ltd. (Rs. 204.15,+6.08%), Indiabulls Real Estate Ltd. (Rs. 73.55,+5.00%), Housing Development & Infrastructure Ltd. (Rs. 1.91,+4.95%), Phoenix Mills Ltd. (Rs. 730.95,+1.90%), Sobha Ltd. (Rs. 446.60,+1.57%),.

While, BSE FMCG index was at 12158.94 down by -157.37 points or by -1.28%. Ruchi Soya Industries Ltd. (Rs. 3.46,-4.95%), Globus Spirits Ltd. (Rs. 145.50,-3.32%), Som Distilleries & Breweries Ltd. (Rs. 116.50,-3.04%), Colgate-Palmolive (India) Ltd. (Rs. 1568.20,-2.09%), JK Agri Genetics Ltd. (Rs. 460.50,-2.02%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2271 , shares advanced were 1006 while 1116 shares declined and 149 were unchanged.