The key domestic benchmark indices were trading in a negative terrain in the morning trading session tracking a mixed trade across markets in Asia as risks remained with investors assessing the fallout of Donald’s Trump’s win in the US Presidential elections. Investors also reacted to the IIP data released on Friday, which showed that Indian industrial output contracted by 0.8 per cent in September 2016, year -on-year, with a 3.1 per cent decline in manufacturing output.
The focus will also be on the consumer inflation data for October which may show a further easing of price pressures in Asia’s third biggest economy, bolstering the case for another interest rate cut by the RBI in the coming months. India’s consumer inflation may have eased to 3.8 per cent in October 2016 from 4.3 per cent in September 2016.
Traders will continue to keep an eye over the short-term effects of the government’s move to demonetize Rs 500 and Rs 1000 notes which is weighing on consumption.
At 10:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26411.63 down by -407.19 points or by 1.52 per cent, while the NSE Nifty was at 8177.8 points, trading lower by 118.5 points or by 1.43 per cent.
The BSE Sensex touched an intraday high of 26809.61 and an intraday low of 26397.64 while the NSE Nifty touched an intraday high of 8288.55 and an intraday low of 8167.3
The top gainers of the BSE Sensex pack were State Bank of India (Rs. 280.45,+2.77 per cent), Dr. Reddy’s Laboratories Ltd. (Rs. 3302.00,+1.27 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 276.80,+1.26 per cent), Wipro Ltd. (Rs. 444.90,+0.79 per cent), Power Grid Corporation of India Ltd. (Rs. 184.45,+0.71 per cent), among others.
Meanwhile, Tata Motors Ltd. (Rs. 463.80,-8.59 per cent), Asian Paints Ltd. (Rs. 881.80,-8.49 per cent), Maruti Suzuki India Ltd. (Rs. 4866.50,-5.25 per cent), Bajaj Auto Ltd. (Rs. 2513.05,-5.10 per cent), Tata Steel Ltd. (Rs. 406.30,-4.81 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2360 shares traded, 296 shares advanced, 1984 shares declined while 80 were unchanged.
On the global front, Asian stocks were trading mixed today tracking a flattish finish overnight at Wall Street as speculation rose that Trump’s plan to bolster infrastructure spending may trigger US interest rate hikes as growth and inflation accelerate.