Saturday, 25 November, 2017

Markets keep losing steam as Sensex closes further 100 points down

Indian markets are likely to start Monday's session on a flat note Indian markets are likely to start Monday's session on a flat note
Sherri Watson | 14 November, 2017, 19:53

The loss in BSE capital goods was maximum at 1.41 per cent, followed by telecom, infrastructure and PSU.

Not sure which way to move, the Sensex changed its course many a time during the day, before it settled at 32,941.87 - a three-week low, down 91.69 points, or 0.28 per cent.

"CPI-based inflation data for October will be released post market hours today", he added.

The wider Nifty50 of the National Stock Exchange (NSE) dipped by 38.35 points or 0.38 per cent to provisionally close (at 3.30 p.m.) at 10,186.60 points. Sentiments suffered a jolt after retail inflation climbed to 7-month high in October, dampened hopes of a cut in interest rates by the Reserve Bank at its upcoming policy meet early next month, brokers said.

In terms of the broader markets, the BSE mid-cap closed lower by 0.19 per cent and the small-cap index 0.41 per cent.

On the currency front, the rupee closed flat at 65.42 against the USA dollar from its previous close.

Uncertainty over United States tax reform, slowdown in Chinese factory output and growing political issues in the UK weaned investors away from placing more bets.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 233.56 crore, while domestic institutional investors divested scrips worth Rs 268.77 crore.

On the other hand, NTPC (2.06%), Reliance Industries (1.05%), Lupin (1.04%), Hero MotoCorp (0.89%) and Mahindra & Mahindra (0.75%) were the biggest gainers in the Sensex.

Among the top Sensex losers, Larsen and Toubro fell 2.5 percent, Tata Consultancy Services dropped 1.7 percent, Power Grid lost 2.6 percent while Asian Paints shed 1.8 percent.