Industrial growth brings no cheer to markets; Sensex down 70 points

The Bombay Stock Exchange benchmark Sensex today shed early gains to close lower by over 70 points as profit-selling emerged after the industrial growth for September failed to meet market expectations.

After surging 162 points in early trade, the Sensex fell to close lower by 70.28 points at 17,119.03. The National Stock Exchange index Nifty tested the year's high of 5,182.55 but ended down by 17.35 points to 5,117.30.

Marketmen said 10.3 per cent industrial growth in October against 0.1 per cent in the same month last year was below expectations. Stocks in interest-related sectors like realty, FMCG and financial companies were major losers.

In the 30-BSE index stocks, 23 recorded  losses while seven ended with gains. Capital goods, power and auto sector stocks, however, attracted buying. A better trend in Asian region and higher opening in European stock markets partly supported the market.

The banking sector index suffered the most by losing 1.22 per cent to 10,106.17, followed by realty sector index by 0.94 per cent to 3,922.62.

FMCG index lost 0.73 per cent to 2,848.82, healthcare index 0.63 per cent to 4,932.29, tech index 0.58 per cent to 3,159.49, and oil and gas index 0.53 per cent to  10,368.86.