Published: Tue, November 14, 2017
Hi-Tech | By Ellis Neal

Markets keep losing steam as Sensex closes further 100 points down

Markets keep losing steam as Sensex closes further 100 points down

The Nifty of National Stock Exchange (NSE) too dropped by 96.80 points to 10,224.95.

The benchmark BSE Sensex gained 103 points in early trade, extending gains for the third day on Monday as the government unveiled its new GST rates on Friday evening. Meanwhile, the Nifty was trading lower by 12.70 points or 0.12% at 10,212.25 with 32 components falling.

The loss in BSE capital goods was maximum at 1.41 per cent, followed by telecom, infrastructure and PSU.

"Geo-political tensions in the Middle East, negative Asian and European markets and disappointing WPI data subdued the key domestic indices", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Volatility emerged as hopes of a near-term rate cut by the RBI has faded, given the spike in October CPI inflation to 3.58 per cent".

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.

"Global cues were not helping either amid uncertainty over the USA tax reform, slowdown in Chinese factory output and growing political issues in the United Kingdom", he added.

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

According to market observers, heavy selling pressure in index heavyweights like Larsen and Toubro, Power Grid, Tata Consultancy Services and Sun Pharma, among others, added to the downward trend of the indices.

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