Published: Thu, November 16, 2017
Medicine | By Melba Vasquez

Markets end in red; Sensex slips almost 200 points

Markets end in red; Sensex slips almost 200 points

According to market observers, the NSE Nifty50 closed at its lowest level in nearly five weeks.

The NSE Nifty50 dipped by 38.35 points, or 0.38 per cent, to close at 10,186.60 points, while the Sensex closed at 32,941.87 points - down 91.69 points or 0.28 per cent.

At 9.30 AM: Sensex was down by over 83 points or 0.25% at 32,858.62 while the wider NSE Nifty was down by over 31 points or -0.31% at 10,155.30.

Market breadth was negative with 754 advances against 1,125 declines.

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"Markets corrected sharply on Wednesday to close with losses for the third consecutive session".

Macro-economic data, showing a risk in India's inflation last month also added to investor worries. "India's trade deficit widened to nearly a 3-year high of $14 billion last month as imports surged", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS. The Shanghai Composite Index too inched lower by 0.53 per cent. The rupee opened flat at 65.43 per on Wednesday dollar versus 65.42 Tuesday.

"Increasing oil prices and cut in the GST (a new nationwide sales tax) is raising doubts as to how it will impact the fiscal deficit of the country", said Vinod Nair, Head of Research at Geojit Financial Services.

Indian markets edged lower soon after opening higher on Monday. Factory output measured in terms of the Index of Industrial Production (IIP) rose 5 per cent in September 2016 and 4.5 per cent in August this year. Losses in energy, metal, capital goods, infra, realty and pharma/healthcare shares, down between 1 per cent and 2 per cent, led the fall in broader indices.

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Asian shares slipped on Wednesday after falling crude oil prices took a toll on Wall Street overnight.

Sun Pharma suffered the most among Sensex components by tumbling 2.54 per cent after the pharma major yesterday reported a big drop in consolidated net profit.

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