Mumbai: Negative international cues and weak domestic macro data dragged the benchmark Nifty to over two month lows, while dropping 62.75 points to end below the key 7,800-level. The market withered its Diwali-Muhurat gains following resumption of trade after its overnight holiday pause, as investors sentiments were drawn into bearish mode following yesterday’s government data that showed the industrial production (IIP) fell to a four month low to 3.6 per cent in September, while October CPI retail inflation to 5 per cent, a third straight month rise.
Adding to the pressure is negative global trend bogged-down by growth concerns amid combination of sliding commodity prices and Chinese economic data, also uncertainty over US Federal Reserve December rate hike. The negative session saw the index opening gap-down and trading in range as investors off-loaded positions with selling in key blue-chips from FMCG, Auto, IT, Infra, Media, Energy, Pharma and Realty counters which led the index to a low 7,730.90 during intra-day.
Metal segment however witnessed some buying interest as the session ended in red. The 50-share Nifty resumed lower at 7,762.45 and traded between 7,775.10 and 7,730.90 before closing at 7,762.25, showing a fall of 62.75 points, or 0.80 per cent. Elsewhere, Asian stocks ended lower reacting to slump in commodities markets and investors took to latest remarks from various US Federal Reserve officials on fresh signal over interest rate hike. European market were also trading in red. Stockwise, major losers were Cairn 5.46 per cent, VEDL 4.12 per cent, Cipla 3.95 per cent, Zeel 3.65 per cent, Hindalco 3.61 per cent, TCS 2.89 per cent, among others.
Notable gainers were Coal India 2.88 per cent, Kotak Bank 2.14 per cent, PNB 2.01 per cent, BPCL 1.87 per cent and Tata Steel 1 per cent. Turnover in cash segment was Rs 17,259.82 crore, while a total of 7,913.58 lakh shares changed hands in 81,35,904 trades. The market capitalisation of NSE stood at Rs 94,39,489 crore.