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Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data

Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data

Besides, caution prevailed ahead of the release of Consumer Price Index (CPI) data points later in the evening as well as the Wholesale Price Index (WPI) numbers slated for release on Tuesday.

The decline - close to 1% for the Sensex and the Nifty - was all but pervasive across sectors.

The Nifty of National Stock Exchange (NSE) too shed by 96.80 points to 10,224.95.

Indian shares fell sharply on Monday, with mixed global cues, sluggish industrial output data and weak earnings updates from the likes of Adani Ports, DLF, Idea Cellular, BPCL and Coal India weighing on markets.

More news: UBS AG Lowers Nabors Industries Ltd. (NYSE:NBR) Price Target to $10.00

On Friday, the NSE Nifty closed 0.12 per cent higher at 10,321.75 while the benchmark BSE Sensex settled up 0.19 per cent at 33,314.56. "The Nifty hit its lowest level in nearly three weeks", Jasani added.

A weakening rupee, which depreciated by 35 paise to 65.51 against the dollar during the day on fears that the tax rate decision of the GST Council will have a revenue implication of Rs 20,000 crore annually, too dampened investor sentiment.

"Domestic investors turned cautious giving more weight to slowdown in IIP to 3.8%, geopolitical tensions in the Middle-East and continued advancement in crude prices".

On the other hand, Mahindra & Mahindra (2.14%), TCS (1.71%), State Bank Of India (1.61%), Axis Bank (1.40%) and Asian Paint (0.62%) were the biggest gainers in the Sensex.


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