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Equity indices close lower on global cues, macro-data

14 November 2017

Benchmark indices extended losses for second consecutive day Tuesday, with the Sensex closing below 33,000-mark on weak Asian cues and unlikely rate cut post increase in inflation.

The index had a fall of 281 points yesterday.

The Nifty of National Stock Exchange (NSE) too dropped by 96.80 points to 10,224.95. 30-share BSE Sensex lost 91.69 points to close on 32,941.87.

On the other hand, Hero MotoCorp, Axis Bank, Reliance Industries, Bajaj Auto and Bajaj Finance advanced 2.10 per cent, 1.91 per cent, 1.40 per cent, 1.40 per cent and 1.34 per cent, respectively.

"Markets ended sharply lower on Monday as the Nifty broke the 10,254 support".

The market switched direction many times today as the Sensex fell into the loss zone, unnerved by a rise in both CPI and WPI inflation. "The Nifty hit its lowest level in nearly three weeks", Jasani added.

Weakness rubbed off on broader markets, with mid-cap and small-cap indices falling by up to 0.22 per cent.

The Indian rupee, which opened at 65.36 a dollar, was trading at 65.51 around 4.40 pm. Inflation at the wholesale level rose to 6-month high of 3.59 per cent in October as the prices of food articles, led by onions and vegetables, rose sharply.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Domestic investors turned cautious giving more weight to slow down in IIP to 3.8 per cent, geopolitical tensions in Middle East and continued advancement in crude prices".

In addition, data released on Monday revealed that the consumer price index (CPI) inflation for October rose to 3.58 per cent from 3.28 per cent in September.

All the sub-indices of the BSE ended in the red except the IT index, which closed up 19.80 points.

Equity indices close lower on global cues, macro-data