Mumbai, May 20 -- Benchmark equity indices ended sharply lower today, logging a third consecutive session of losses. Investor sentiment took a knock after Moody's downgraded the U.S. government's credit rating from AAA to Aa1, citing concerns over rising debt levels. Adding to the pressure, foreign institutional investors (FIIs) turned net sellers in the previous session, a rare event not seen in over a month. The Nifty slipped below the 24,700 mark, with all NSE sectoral indices closing in the red. Auto, FMCG, and pharma stocks bore the brunt of the sell-off, leading the market-wide decline.

The S&P BSE Sensex, tumbled 872.98 points or 1.06% to 81,186.44. The Nifty 50 index declined 261.55 points or 1.05% to 24,683.90. In the past three...