Sensex loses shine ahead of Q2 GDP release, slips 105 points

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Published: November 28, 2017 4:41:22 PM

Indian stock markets ended down on Tuesday snapping the eight-day winning streak ahead of the GDP growth data which is slated to be announced on 30 November.

Bombay Stock Exchange building. (Image: Wikimedia Commons)

Indian stock markets ended down on Tuesday snapping the eight-day winning streak ahead of the GDP growth data which is slated to be announced on 30 November. BSE Sensex lost 105.85 points or 0.31% to finish at 33,618.59 whereas NSE Nifty concluded down 29.3 points or 0.28% at 10,370.25. The slump in the shares of Infosys, Reliance Industries, ICICI Bank and ITC dragged the key indices down. The attention of market participants seemed to turn towards the GDP growth data.

Shares of Maruti Suzuki, HDFC, Coal India, Asian Paints, Bajaj Auto gained up to 1.5% while the heavyweight stocks of companies such as NTPC, Bharti Airtel, Infosys, Tata Motors, Sun Pharma, ONGC, ICICI Bank, Kotak Mahindra Bank, ITC, L&T, Reliance Industries and SBI lost up 1.9%. Shares of Glenmark Pharmaceuticals fell by over 3% after the company said the US health regulator has made seven observations post an audit at its Baddi manufacturing unit. The stock slipped 3.28% to end at Rs 571.8 on BSE after making a low of Rs 570.25 in the intraday trade.

The benchmark Sensex had gained about 964 points in the past eight sessions on the back of unabated buying by domestic institutional investors (DIIs) and Moody’s India’s sovereign rating upgrade.

Bharat 22 ETF jumped more than 3.5% on Tuesday after making a decent debut at Rs 36.3 on BSE, more than 0.9% premium to its issue price of Rs 35.97. The open-ended fund was trading at Rs 37.22 on Tuesday morning. The ETF has been included in the BSE B group of securities with a scrip code 540787.  The much-awaited Bharat 22 Exchange Traded Fund (ETF) which opened for subscription earlier this month, got subscribed by nearly 4 times, helping the government to raise the issue size to Rs 14,500 crore and further moving towards its disinvestment target for the year.

Meanwhile, among the regional markets, Japan’s benchmark Nikkei 225 was nearly unchanged at 22,486.24, South Korea’s Kospi added 0.3% to 2,514.19, Hong Kong’s Hang Seng was little changed, slipping less than 0.1% to 29,680.85, while the Shanghai Composite recovered to 3,333.66, up 0.3%.

In a major development, new home sales in the United States of America in the month of October 2017 jumped to a level which was last seen in October 2007, a 10-year high. The growth in the new home sales came at an unexpected level, beating most of the estimates by analysts. The sales surged 6.2% to a seasonally adjusted annual rate of 685,000 in October 2017 versus 645,000 in September. An economist poll by Reuters had forecast new home sales to drop by 6%. Following this, the US stock markets settled with marginal changes on Monday, falling back from record highs marked during the intraday trade. The Dow Jones Industrial Average rose 0.1% to 23,580.78, the S&P 500 lost 0.04% to 2,601.42 while the Nasdaq Composite dropped 0.15% to 6,878.52.

 

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