Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data

Leslie Hanson
November 13, 2017

Market breadth was negative with 916 advances against 1,237 declines.

The Nifty of National Stock Exchange (NSE) too shed by 96.80 points to 10,224.95. "The weakness came on the back of weak global cues", Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

The bears tightened their grip on Dalal Street as both Nifty and Sensex slipped almost a per cent on Monday ahead of CPI inflation to be released later in the day amid mixed global cues and rising concerns over escalating crude oil prices.

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.

Mumbai: Domestic shares tumbled on Monday, dragged by financial stocks such as Housing Development Finance Corp, while Larsen & Toubro Ltd declined after it cut its full-year order flow growth guidance. "Oil remained well supported as ongoing output cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation contributed to a significant reduction in excess supplies, also as tensions in the Middle East raised the prospects of supply disruptions", Desai told IANS. Market sentiment was also affected by anticipation over the consumer price inflation data for October expected later on Monday.

On the other hand, Mahindra & Mahindra (2.14%), TCS (1.71%), State Bank Of India (1.61%), Axis Bank (1.40%) and Asian Paint (0.62%) were the biggest gainers in the Sensex.

Coal India retreated 3 per cent after the company reported lower profits for a sixth straight quarter.

Other reports by Iphone Fresh

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