Mumbai:The benchmark indices on the BSE and National Stock Exchange (NSE) erased their day’s gains and ended nearly 1 per cent lower on Monday.The S&P BSE Sensex crashed 503.25 points (0.86 per cent) to end at 58,283.42 while the Nifty 50 fell 143.05 points (0.82 per cent) to settle at 17,368.25. Both the indices had opened around 0.5 per cent higher and traded positive through most of the morning before giving up their gains and turning negative in the afternoon session.
On the Sensex pack, Bajaj twins comprising of Bajaj Finance and Bajaj Finserv were the top laggards on Monday, followed by Reliance Industries (RIL), Mahindra & Mahindra, Nestle India and State Bank of India (SBI). On the other hand, Axis Bank, Tech Mahindra, Maruti Suzuki India, Power Grid Corporation of India, Titan Company and Dr Reddy’s Laboratories were among the top gainers.
Among sectoral indices, the Nifty Realty index fell 1.35 per cent weighed by Brigade Enterprises and Sobha. The Nifty PSU Bank slipped 1.34 per cent dragged by Union Bank of India and Canara Bank. The Nifty FMCG index too dipped 0.96 per cent due to a fall in RadicoKhaitan and Tata Consumer Products.”Ahead of the release of domestic inflation data and key global central bank meetings, the benchmark indices dived into the negative zone digesting weak macroeconomic numbers and continued FII selling. India’s Index of Industrial Production grew by 3.2% in October which was lower than market expectations.
US CPI inflation was reported above the expected lines at 6.8% YoY in November owing to rising prices for food, energy and shelter.
In view of the rising global inflation, the policy outcome of key central bank meetings especially the US Fed and European Central Bank, will be keenly monitored by the markets to determine its trends”