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Market turns choppy, trades in loss on inflation fears

14 Novembre 2017

Benchmark indexes Sensex and the Nifty fell around 1 percent on Monday, with mixed global cues, sluggish industrial output data and weak earnings updates from several companies weighing on markets.

On Monday, India's retail inflation picked up in October to a seven-month high, driven by faster rises in prices of food and fuel products, dampening chances of an interest rate cut by the central bank next month.

Wholesale inflation (WPI) too spiked to 3.59 per cent in October, from 2.6 per cent in September, official data showed today.

The index had a fall of 281 points yesterday.

The 30-share BSE Sensex was down 91.69 points at 32,941.87 and the 50-share NSE Nifty fell 38.40 points to 10,186.60 amid volatility.

India's Monetary Policy Committee will review interest rates next on December 6. "Global cues were not helping either amid uncertainty over U.S. tax reform, slow down in Chinese factory output and growing political issues in UK", Vinod Nair, Head of Research, Geojit Financial Services said.

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Notable losers include L&T (1.96 per cent), along with PowerGrid, TCS and Asian Paints.

Hero MotoCorp, Axis Bank, Bajaj Auto and M&M counters, however, saw buying activity.

Market breadth was negative with 844 advances against 946 declines.

Domestic institutional investors (DIIs) also sold shares worth a net Rs 268.77 crore.

Weakness rubbed off on broader markets, with mid-cap and small-cap indices falling by up to 0.22 per cent.

Market turns choppy, trades in loss on inflation fears