The BSE Sensex fell, snapping five days of gains, after S&P said the country could become the first among the BRIC economies to lose its investment-grade status, in an update to its previous decision to cut the country's ratings outlook.
Falls in the index were led by declines in Reliance Industries , which fell 1 percent, and Larsen & Toubro which lost 2 percent.
The main 30-share BSE index provisionally fell 0.3 percent to 16,668.01 points after earlier rising as much as 1 percent.
The broader 50-share Nifty fell 0.3 percent to 5,054.10 points
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)