Sensex hits 14-month low below 17,000 on US rating downgrade

New Delhi : A downgrade of US government debt sent Indian shares tumbling in opening trade, with the barometer index BSE Sensex and the 50-unit S&P CNX Nifty hitting their lowest level in nearly 14 months. The Sensex fell below the psychological 17,000 level. Asian stocks slumped on Monday, 8 August 2011 and US index futures were sharply lower, with investors shaken by a downgrade of the long-term US sovereign rating by rating agency Standard & Poor's from AAA to AA+ with negative outlook on Friday, 5 August 2011. The BSE Sensex was down 461.08 points or 2.66% to 16,844.79.