Sensex down 30 points, Nifty trades at 10212

Stock markets

Stock markets

The Sensex today dropped by 92 points to end at three-week low of 32,941.87 points after retail inflation hitting a seven-month high in October dampened expectations of a rate cut by the Reserve Bank.

On Friday, the GST Council had slashed the list of items in the top 28 per cent GST slab to 50 from 228 with the effect clearly seen in the markets on Monday.

The broader markets also traded in line with benchmarks, with the Nifty Midcap falling 0.2 percent. "The Nifty hit its lowest level in nearly three weeks", Jasani added.

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

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares declined on Monday with L&T dragging the indices after it cut its full-year order flow growth guidance. Consumer inflation rose to 3.58%. "Oil remained well supported as ongoing output cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation contributed to a significant reduction in excess supplies, also as tensions in the Middle East raised the prospects of supply disruptions", Desai told IANS. Among the sub-indices, all sectors with the exception of Auto and Realty closed in the red.

Share sale by foreign portfolio investors (FPIs) was worth a net Rs 233.58 crore yesterday, provisional data showed.

Major Sensex losers were: Larsen and Toubro, down 2.46 per cent at Rs 1,209.85; Power Grid, down 2.20 per cent at Rs 206.75; Asian Paints, down 1.77 per cent at Rs 1,154.25; Tata Consultancy Services, down 1.53 per cent at Rs 2,716.75; and ONGC, down 1.25 per cent at Rs 182.

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