Markets

Sensex down by 281 pts, 3-week-low

Sensex down by 281 pts, 3-week-low

According to market observers, investor sentiments were subdued as higher-than-estimated inflation numbers and surge in oil prices dented the chances of a rate cut in the December policy meeting of the Reserve Bank of India.

Nifty too closed below the psychological mark of 10,200, losing 38.35 points, settling on 10,186.60.

The 30-scrip S&P BSE Sensex, which opened at 33,397.41 points, closed at 33,033.56 points - down 281 points or 0.84 per cent - from Thursday's close.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

"Markets slid further on Tuesday to close with losses for the second consecutive session".

Retail inflation picked up in October to a seven-month high, government data showed on Monday, driven by faster rises in prices of food and fuel products.

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Apple's iPhone X, iPhone 8 and 8 Plus are about to get a little bit quicker about it, though, with the release of iOS 11.2. However, while convenient, it did have some drawbacks compared to plugging in an old-fashioned Lighting cable.

"Volatility emerged as hopes of a near term rate cut by RBI has faded given spike in October CPI inflation to 3.58 percent".

The broader markets also traded in line with benchmarks, with the Nifty Midcap falling 0.2 percent.

Industrial production (IIP) grew at a slower pace of 3.8 per cent in September, mainly due to subdued performance of the manufacturing sector coupled with contraction in output of consumer durables.

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

Shares of Larsen and Toubro fell 2.46% to become the biggest loser on the Sensex.


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