New Delhi, Nov 13 (PTI) Slower growth in industrial
output brought the fear element back for investors today as
both stock benchmarks lost nerve and ended with sizeable
The decline — close to 1 per cent for the Sensex and the
Nifty — was all but pervasive across sectors.
Caution ruled ahead of CPI inflation data slated for
later in the day.
The positive start soon gave way to nervousness as the
BSE index cracked below 33,000, but finally ended at 33,033.56
— a three week low — down 281 points, or 0.84 per cent.
The barometer rose a cumulative 95.75 points in the past
The NSE Nifty settled the day lower 96.80 points, or 0.94
per cent, at 10,224.95 after shuttling between 10,334.15 and
10,216.25 during the day.
“Domestic investors turned cautious giving more weight to
slowdown in IIP to 3.8 per cent, geopolitical tensions in the
Middle-East and continued advancement in crude prices. Despite
significant tax relief at the recent GST council meet,
expectation of rise in CPI and WPI inflation added to the
cautiousness,” said Vinod Nair, Head of Research, Geojit
Financial Services Ltd.
Industrial production (IIP) grew at a slower pace of 3.8
per cent in September 2017 compared to 5 per cent in September
2016 and 4.5 per cent in August this year, data released by
the Central Statistics Office (CSO) showed on Friday.
The rupee had its own share of travails, which lost as
much as 35 paise against the dollar during the day on fears
that the tax rate decision of the GST Council will have a
revenue implication of Rs 20,000 crore annually.
Investors also kept an eye on Brent crude prices and the
fast-developing West Asian crisis.
Asian and European markets were not inspiring either.
US stocks on Friday too closed lower hit by fears of a delay
in corporate tax cuts.
With this decline, total market capitalisation of BSE
listed companies shrank by Rs 31,876 crore to Rs 143.8 lakh
Adani Ports sank the most, down 4.11 per cent, after its
logistics arm reported a dip in quarterly earnings. ONGC, Coal
India, HDFC and L&T also ended on the losers’ side.
Idea Cellular was also down 3.61 per cent after the
telecom operator logged a consolidated net loss for the
Foreign portfolio investors (FPIs) dumped shares worth a
net Rs 529.22 while domestic institutional investors (DIIs)
bought equities worth Rs 1,920.87 crore last Friday, according
to provisional data.
In sectoral play, telecom fell the most losing 1.94 per
cent, followed by metal, consumer durables and capital goods.
Broader markets lay low too as small-cap and mid-cap
indices fell by up to 0.41 per cent.
This is published unedited from the PTI feed.