Equity indices close lower on global cues, macro-data (Second Lead)

Yolanda Curtis
November 14, 2017

On Friday, the GST Council had slashed the list of items in the top 28 per cent GST slab to 50 from 228 with the effect clearly seen in the markets on Monday. 30-share BSE Sensex lost 91.69 points to close on 32,941.87.

On Monday, India's retail inflation picked up in October to a seven-month high, driven by faster rises in prices of food and fuel products, dampening chances of an interest rate cut by the central bank next month. Sensex was down by over 2 points or 0.01% at 33,031.27 while the wider NSE Nifty was down by over 5 points or 0.06% at 10,219.25.

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

In terms of the broader markets, the BSE mid-cap closed lower by 0.19 per cent and the small-cap index 0.41 per cent. Consumer inflation rose to 3.58%.

The Indian rupee, which opened at 65.36 a dollar, was trading at 65.51 around 4.40 pm. "Global cues were not helping either amid uncertainty over U.S. tax reform, slow down in Chinese factory output and growing political issues in UK", Vinod Nair, Head of Research, Geojit Financial Services said.

Share sale by foreign portfolio investors (FPIs) was worth a net Rs 233.58 crore yesterday, provisional data showed.

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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