Left Menu
Development News Edition

Benchmark indices off record highs ahead of Q2 GDP numbers

PTI | Mumbai | Updated: 29-11-2019 19:05 IST | Created: 29-11-2019 19:05 IST
Benchmark indices off record highs ahead of Q2 GDP numbers

Benchmark indices Sensex and Nifty on Friday retreated from record highs as investors scrambled to book profits in recent high-flying stocks amid fears that India's second quarter GDP numbers may slip further. The 30-share BSE gauge plummeted 336.36 points or 0.82 per cent to close at 40,793.81. The index swung about 466 points during the day.

Likewise, the broader NSE Nifty also settled 95.10 points or 0.78 per cent down at 12,056.05. On a weekly basis, the Sensex advanced 434.40 points or 1.07 per cent; while the Nifty rose 141.65 points or 1.18 per cent.

Investor sentiment during the week was mainly driven by positive news about US-China trade talks progress and continuation of measures by the government to boost consumer demand and economic growth. The GDP data for the July-September period will be released after market hours on Friday.

"Profit booking ahead of economic data and selling pressure in Asian peers due to risk of retaliation from China add volatility in the market. The recent rally has lifted the market to supreme valuation which may limit the headroom of key indices to perform well in the short-term. Consequently, investors are likely to shift focus for quality mid & small caps, which are likely to out-perform in the near term," Vinod Nair, Head of Research at Geojit Financial Services, said. Yes Bank was the top loser in the Sensex pack, shedding 2.50 per cent, followed by HUL that fell 2.37 per cent, M&M 2.12 per cent, SBI 2.03 per cent, Tata Motors 2.03 per cent and Vedanta 1.97 per cent.

On the other hand, Bharti Airtel, HDFC Bank and NTPC ended with gains. Sectorally, BSE energy, metal, auto, oil and gas, capital goods and FMCG indices fell up to 1.46 per cent.

While BSE telecom, realty, utilities and power indices rose up to 2.54 per cent. Broader BSE midcap and smallcap indices rose up to 0.47 per cent.

Investors turned cautious ahead of Q2 gross domestic product (GDP) growth data, as many economists feel that growth numbers will further weaken from the 5 per cent in Q1. Weak cues from global markets also weighed on market mood, they added.

Bourses in Hong Kong, Tokyo, Kospi and Seoul ended in the red as US law supporting pro-democracy protesters in Hong Kong put a dampener on hopes of an early trade truce over tariffs. Stocks in Europe were trading on a positive note.

On the currency front, the rupee depreciated 12 paise against the US dollar. Brent crude, the global oil benchmark, fell 0.79 per cent to USD 62.77 per barrel in futures trade.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Olympics-World Athletics chief Coe confident Tokyo will go ahead

World Athletics President Sebastian Coe said there is a cast-iron determination to deliver the Tokyo Olympics, with COVID-19 vaccines and ability of athletes to train meaning the situation is better than when the Games were postponed last y...

Departments to pay tribute to Mthembu through drive-by visit

The management of departments and entities led by the late Minister in the Presidency, Jackson Mthembu, will pay their respects through a drive-by visit to his family residence in Ackerville, Witbank, this afternoon. The management will add...

1.38 lakh people administered first dose of vaccine in Karnataka

Out of 1,38,656 people who have been administered the first dose of vaccine in Karnataka, the side effect has appeared in some, but no causality has been reported yet, said the state Health Minister Dr K Sudhakar on Friday. Briefing media a...

Maha: Fire at biotech firm in Thane; no casualties

A fire broke out at a biotechcompany in Wagle Estate area of Maharashtras Thane city onFriday afternoon, but no casualty has been reported, a civicofficial said.The blaze erupted at Biosense Company at around 5 pmand two fire engines have b...

Give Feedback