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The Nifty and the Sensex ended lower due to profit-booking by funds and investors amid weak European cues. Investors resorted to profit-booking after posting their best day in nearly five months in the previous session.
The 30-share BSE index Sensex ended lower by 66.51 points or 0.24 per cent at 27,984.37 and the 50-share NSE index Nifty ended down 18.8 points or 0.22 per cent at 8,659.10.
Among BSE sectoral indices, power index was the star-performer and was up 1.16 per cent, PSU 0.76 per cent, oil & gas 0.75 per cent and infrastructure 0.67 per cent. On the other hand, FMCG index fell the most by 1.09 per cent, realty 0.91 per cent, auto 0.54 per cent and banking 0.52 per cent.
Top five Sensex gainers were Wipro (+2.74%), Lupin (+2.04%), Adani Ports (+1.74%), GAIL (+1.48%) and Power Grid (+0.96%), while the major losers were ITC (-2.44%), ICICI Bank (-2.00%), Hero MotoCorp (-1.28%), HUL (-1.00%) and State Bank of India (-0.82%).
Earnings season
“We are in the middle of the earnings season and there is likely to be more stock-specific moves rather than broad-based movement,” said Anand James, chief market strategist, Geojit BNP Paribas Financial Services Ltd.
This week, companies such as Biocon Ltd, Reliance Industries Ltd, ACC Ltd, Wipro Ltd and HCL Technologies Ltd are slated to report quarterly results.
GST Council meet
Investors also eye the ongoing government meet on the goods and services tax (GST) for clarity on new rates. The crucial GST Council meeting, comprising federal and state finance ministers, will decide the main tax rate and those for different sectors.
“With the GST council meet underway, the market looks ahead for fresh cues,” James said.
Global markets
The US dollar fell from a seven-month peak on Wednesday, combining with signs of an easing supply glut to help lift oil prices back towards a one-year high.
A report by SMC Global said: " Asian stocks rose for a second day amid speculation the Federal Reserve will stick to a gradual tightening of monetary policy and as investors awaited key economic data from China. US stocks on Tuesday gained as the latest round of corporate earnings came in ahead of Wall Street's estimates, helping to buoy market sentiment. US consumer price index climbed by 0.3 per cent in September after edging up by 0.2 per cent in August. The increase in consumer prices was partly due to a jump in energy prices, which surged by 2.9 per cent in September after coming in unchanged in the previous month."
GDP data from China for Q3 eventually remained flat at 6.7 per cent.
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