Market review: Diwali fails to lift stock mkt
Traders said after headline inflation fell to an 8-month low in October, investors had hoped for a rate cut. However, Subbarao's comments poured cold water on such hopes, they added.
For the week, the Sensex and the Nifty were down by about 2 per cent also on concerns over the so-called US 'fiscal cliff', worries over India's fiscal deficit and weak macro data, said Dipen Shah, Head of PCG Research, Kotak Securities.
The sentiment remained bearish due to an unexpected 2.5 per cent contraction in September industrial output, marginally high consumer price index at 9.75 per cent and trade deficit widening to an all-time high of USD 20.96 billion as October exports fell to USD 23.2 billion.
The total market turnver at BSE and NSE declined to Rs 9,614.12 crore and Rs 41,035.15 crore respectively from the last weekend's level of Rs 11,383.56 crore and Rs 50,308.36 crore.
Among the major indices the BSE-Auto fell by 2.97 per cent followed by the BSE- Metal 2.71 per cent, the BSE-Capital Goods 2.15 per cent, the BSE-FMCG 2.00 per cent and the BSE-IT 1.51 per cent.
However, the BSE-IPO rose by 7.47 per cent and BSE-Consumer Durable 1.49 per cent.
Foreign Insitutional Investors (FIIs) continued their buying spree by investing Rs 984.71 crores including the provisional figure of Novemver 16.
Major losers from the Sensex pack were Tata Motors (5.56 per cent), Tata Steel (5.25 per cent), ITC (4.83 per cent), Hero Motocorp (4.72 per cent),
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