Markets keep losing steam as Sensex closes further 100 points down

Stock markets

039;Star' pattern on Nifty shows uncertainty likely to continue

Market breadth was negative with 754 advances against 1,125 declines. Sensex was down by over 2 points or 0.01% at 33,031.27 while the wider NSE Nifty was down by over 5 points or 0.06% at 10,219.25.

The market topped the key 33,000 level multiple times today, but closed below that threshold after rising inflation numbers squeezed the headroom for an interest rate cut at RBI's policy review next month. "The Nifty hit its lowest level in nearly three weeks", Jasani added.

In terms of the broader markets, the BSE mid-cap closed lower by 0.22 per cent and the small-cap index by 0.18 per cent.

The Indian rupee, which opened at 65.36 a dollar, was trading at 65.51 around 4.40 pm.

"Oil price worries kept energy shares such as Reliance Industries under pressure".

The Consumer inflation (CPI) jumped to a 7-month high of 3.58 per cent in October, driven by costlier food items, particularly vegetables.

Vinod Nair, Head of Research, Geojit Financial Services, said: "Domestic investors turned cautious giving more weight to slow down in IIP to 3.8 per cent, geopolitical tensions in Middle East and continued advancement in crude prices". Among the sub-indices, all sectors with the exception of Auto and Realty closed in the red.

The other poor performers were Power grid Corporation of India, Asian Paints, Tata Consultancy Services and Oil and Natural Gas Corporation.

Shares of Larsen and Toubro fell 2.46% to become the biggest loser on the Sensex.

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