Thursday, 23 November, 2017

Markets keep losing steam as Sensex closes further 100 points down

Sensex Nifty trade in red RCom among top losers Sensex Nifty trade in red RCom among top losers
Terence Owen | 14 November, 2017, 19:52

The Nifty registered day's high and low at 10,334.15 and 10,216.25 points, respectively.

At 1 PM: Markets continued to trade in red during the afternoon session on Tuesday. However, emergence of selling at every rise wiped off initial gains and the index finally settled 91.69 points, or 0.28 % down at 32,941.87, its weakest closing since October 26.

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.

On the currency front, the rupee closed flat at 65.42 against the U.S. dollar from its previous close.

United Nations dismisses Saudi conditions to reopen Yemen port
On Monday, thousands of Yemenis took to the streets of the capital Sanaa to protest the closure of the country's ports by the Saudi-led coalition.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares declined on Monday with L&T dragging the indices after it cut its full-year order flow growth guidance.

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". Indian Oil Corporation, Larsen and Toubro, Hindustan Petroleum Corporation and Vedanta also performed badly.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 233.56 crore, while domestic institutional investors divested scrips worth Rs 268.77 crore.

Biggest losers in the 30-share index were Adani Ports and Special Economic Zone (1.29%), TCS (1.24%), Tata Motors (1.21%) and Coal India (1.20%).

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