Sensex tanks 281 points on IIP numbers, global weakness
The weak domestic sentiment was exacerbated by disappointing macro-economic data
Stock markets on Monday witnessed miniscule gains at the outset only to succumb to selling pressure later. While the BSE Sensex slumping 281 points, or 0.84%, to close at 33033.56, Nifty tanked 96.80 points, or 0.94%, ending at 10224.95.
Weakness in Asian markets and lower closing on the Wall Street on Friday weighed on investor sentiment.
Adani Ports skid 4.35%, Coal India slumped 3%, ONGC moved down 3.41%, Larsen and Toubro, HDFC fell 2.21% and Larsen and Toubro ended down 1.87%. Tata Steel, ICICI Bank, Axis Bank, Tata Motors, Bajaj Auto, Wipro and ITC were among other gainers on the Sensex.
However, TCS, Mahindra and Mahindra, Sun Pharma, Kotak Mahindra and Mahindra, NTPC and PowerGrid emerged as gainers in Monday's session.
The weak domestic sentiment was exacerbated by disappointing macro-economic data. India's index of industrial production (IIP) rose 3.8% in September 2017 over September 2016. This was at a slower clip compared to the IIP growth in August 2017 which was at 4.5%. Barring the IT index, which eked out marginal gains, all other sectoral indices on the National Stock Exchange (NSE) traded in the red. The metals, FMCG and healthcare indices lost over 0.5% in trade today.