Mumbai: Indian bourses faltered after a two day rally following the downgrade of Japan's debt rating, as the benchmark S&P CNX Nifty falling by 60 points at the National Stock Exchange today. The 50-share index oscillated between a high of 4,962.40 and a low of 4,875.30 before concluding at 4,888.90, a net loss of 60 points, or 1.21 percent over its last close. The world financial markets once again came under the grip of volatility as Moody's downgraded Japan's sovereign debt rating amid uncertainty in global economic growth ahead of US fed meet on further stimulus later this week. Overcoming initial bearishness in early trade, market rebounded on positive European opening amidst select low level buying. The recovery was short-lived as the market succumbed to selling as traders booked profits after the two day surge. Besides, squaring of pending positions ahead of expiry in the derivatives segment tomorrow too aided the fall. The fall was led by banking, oil&gas, capital goods, fmcg, tech and auto counters. Tata Steel, Tata Motor, Axis Bank, SBIN, IDFC, Tata Power, L&T, Reliance Capital, Sesa Goa and Maruti were the top losers from the Nifty. Ranbaxy, PowerGrid, Grasim, GAIL, Kotak Bank, HDFC, Hindunilever and Hindalco managed to end with gains. Turnover in cash segment dropped to 9,631.87 crore from Rs 10,149.10 crore yesterday. A total of 5,582.64 lakh shares changed hands in 53,52,021 trades. The market capitalisation stood at 58,49,456 crore.