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Sensex Closes 79 Points Lower, Nifty Ends At 10,585: 10 Things To Know
09 Nov 2018, 04:32 PM IST
- Top laggards on the 50-scrip index were Bharti Airtel, Infosys, Hindalco Industries, Dr Reddy's and GAIL, closing around 2-3 per cent lower.
- The Nifty IT - comprising tech stocks - fell 0.8 per cent, with heavyweights TCS and Infosys dropping 2.5 per cent and 1.8 per cent respectively.
- Analysts say domestic markets took weak cues from global peers after the US central bank looked poised to hike key interest rates in its next policy review.
- In broader Asia, stocks pulled back from one-month highs. MSCI's gauge of stocks across the globe fell half a per cent, its biggest drop since October 26.
- "We don't have much of a positivity from Asia...volatility is also slightly up, being the last working day of the week," news agency Reuters cited Anand James, chief market strategist at Geojit Financial Services, as saying.
- Shares in telecom major Bharti Airtel closed 2.9 per cent lower, a day after rating agency Moody's placed the company's credit rating on review for downgrade citing low levels of profitability and expectations of weak cash flow.
- Meanwhile, the rupee appreciated by 35 paise against the dollar to hit 72.65 at the day's highest point, on declining crude oil prices. Brent – the global benchmark for crude oil – slipped below the $70 a barrel mark for the first time since April.
- The Sensex finished the week with a gain of 146 points (0.4 per cent).
- Investors back home will watch the consumer inflation data due next weak for direction.
- Retail inflation - determined by the Consumer Price Index - likely slowed to 3.67 per cent in October - its slowest pace in 12 months, a Reuters poll found. If the projection comes true, that would mark a third consecutive month of the inflation reading to be within the RBI's medium-term target.
(With agency inputs)
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