Mumbai, Nov 14 (PTI) The market topped the key 33,000

level multiple times today, but closed below that threshold

after rising inflation numbers squeezed the headroom for an

interest rate cut at RBI’s policy review next month.

Inflation at the wholesale level raced to a 6-month high

of 3.59 per cent in October, fuelled by food articles, data

released today showed. Retail or CPI inflation, which came in

yesterday, had jumped to a 7-month high of 3.58 per cent in

October.

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.

The index had a fall of 281 points yesterday.

The broader 50-share NSE Nifty met with the same fate,

dropping 38.35 points, or 0.38 per cent, to close at 10,186.60

after shutting between 10,248 and 10,175.55.

“Rise in inflation numbers and weakness in Asian peers

blunted the expectations of a recovery and domestic market

remained range-bound. Persistent weakness in the rupee also

weighed down investors’ sentiment,” said Anand James, Chief

Market Strategist, Geojit Financial Services.

Analysts say jump in Brent crude price to nearly USD 64

has also dented the chances of a rate reduction at the Reserve

Bank’s December policy meet.

Uncertainty over US tax reform, slowdown in Chinese

factory output and growing political issues in the UK weaned

investors away from placing more bets.

L&T bled the most, falling 2.46 per cent, followed by

PowerGrid, Asian Paints, TCS and ONGC.

Hero MotoCorp, Axis Bank, Bajaj Auto and M&M counters,

however, saw buying activity.

The loss in BSE capital goods was maximum at 1.41 per

cent, followed by telecom, infrastructure and PSU.

Share sale by foreign portfolio investors (FPIs) was

worth a net Rs 233.58 crore yesterday, provisional data

showed. Domestic institutional investors (DIIs) also let go of

shares net Rs 268.77 crore.

Weakness rubbed off on broader markets, with mid-cap and

small-cap indices falling by up to 0.22 per cent.

This is published unedited from the PTI feed.