Sensex, Nifty fall ahead of CPI data, India Inc’s earnings seasonbusiness Updated: Apr 12, 2017 17:32 IST
A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE). (REUTERS)
Indian shares fell on Wednesday as investors exercised caution ahead of the start of the earnings season, while sentiment was also hit by geopolitical concerns.
Investors were also apprehensive ahead of the crucial March CPI inflation and February industrial output data, which may provide some cues for the Reserve Bank of India’s monetary stance going forward.
The Sensex closed down 145 points, or 0.5%, at 29,643.48, while the Nifty closed down 0.36% at 9,203.45.
After hitting a record high of 9,273.90 points last week, the broader NSE index has fallen about 0.9% as investors wait for corporate results, with Infosys Ltd due to report on Thursday.
Global markets have also been under pressure over North Korea and Syria tensions, further sapping sentiment.
“Infosys results will start giving indication of market behaviour. I think for this quarter, market will remain slightly under pressure,” said RK Gupta, managing director, Taurus Asset Management Company, adding that geopolitical concerns also had an impact.
The broader NSE index was down 0.57% at 9,184.55 as of 0554 GMT, dragged down by financial and IT stocks.
The benchmark BSE index was 0.55% lower at 29,623.94.
The Nifty PSU Bank index, which had risen nearly 20% this year as of Tuesday’s close, was down 1.1%, poised to snap two consecutive sessions of gains.
Private sector lender ICICI Bank was the biggest drag on the NSE index, falling as much as 1.9%.
Meanwhile, Vedanta Ltd gained as much as 3.9% and Cairn India Ltd rose up to 2.9% to its highest since Oct. 2, 2014 after Vedanta said on Tuesday it completed the buyout of Cairn India.
Shares of Petronet LNG Ltd touched a record high after Nomura analysts raised their price target on the stock to 510 rupees from 425 rupees, with a “buy” rating. (With inputs from Reuters)
First Published: Apr 12, 2017 13:46 IST