The Nifty and the Sensex shed in excess of 0.85 per cent on weak global cues.

The Nifty closed at 5574 down 57 points while the Sensex closed at 18309 down 162 points.

“Concerns on the so-called ‘fiscal cliff’ in US and on the fiscal situation of even the stronger EU nations like Germany, have kept the sentiment subdued,” said Dipen Shah-Head PCG research Kotak Securities.

“In India, the telecom spectrum sale realized a far lesser amount than expected and has raised concerns on the fiscal deficit. Weak exports data has also impacted the current account. IIP came in much below estimated levels. With the results season now over, focus is likely to shift to the winter session of the Parliament,” he added.

Volatility was high and the volatility index India Vix closed at 16.22 up 4.44 per cent.

(This article was published on November 16, 2012)
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