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Business News/ Market / Stock-market-news/  Sensex closes 86 points lower ahead of IIP data; profit-taking weighs
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Sensex closes 86 points lower ahead of IIP data; profit-taking weighs

Shares of RIL fall 1.65% to `952.85, SBI declines 1.61% to `1,994.30 and M&M slips 1.75% to `1,002.85

Since the beginning of this year, the Sensex has gained 6.89%, while foreign institutional investors have bought $4.76 billion from local equity markets. Photo: Hemant Mishra/MintPremium
Since the beginning of this year, the Sensex has gained 6.89%, while foreign institutional investors have bought $4.76 billion from local equity markets. Photo: Hemant Mishra/Mint

Mumbai: The 30-share benchmark S&P BSE Sensex declined on Friday on profit-taking after hitting a record high on Thursday and ahead of the Index of Industrial Production (IIP) data.

Sentiment was also hit by a slide in global shares as steep falls in U.S. technology and biotechnology stocks spread to other sectors and regions.

Investors remain cautious ahead of quarterly earnings and inflation data due next week.

The Sensex closed 0.38%, or 86.37 points, lower at 22,628.96 points, while the National Stock Exchange’s broader 50-share CNX Nifty fell 0.3%, or 20.10 points, to 6,776.30.

Shares of Reliance Industries Ltd (RIL) fell 1.65% to 952.85, State Bank of India (SBI) retreated 1.61% to 1,994.30 and Mahindra and Mahindra Ltd (M&M) declined 1.75% to 1,002.85.

Bank Nifty fell 0.84% after a Reserve Bank of India (RBI) panel recommended a slew of measures, including potentially changing how lending rates are set for the sector, raising worries about overall profitability.

Among gainers on BSE, Sun Pharmaceutical Industries Ltd jumped 1.87% to 627.75, Tata Consultancy Services Ltd climbed 1.75% to 2,163.70 and Wipro Ltd rose 1.34% to 567.95.

Among other losers, Tata Motors Ltd fell 1.75% to 423.25, while GAIL (India) Ltd slipped 1.59% to 372.05.

The S&P BSE Healthcare index was the top sectoral gainer, up 0.91%. The S&P BSE Oil and Gas index was the top loser, down 1.28%.

Since the beginning of this year, the Sensex has gained 6.89%, while foreign institutional investors have bought $4.76 billion from local equity markets.

India’s merchandise exports contracted for the second month in a row in March, while a decline in imports helped narrow the trade deficit and ease the pressure on the external sector and the rupee. Exports in March fell 3.15% to $29.6 billion, while imports shrank 2.11% to $40.1 billion, leading to a trade deficit of $10.5 billion.

India’ industrial production unexpectedly shrank 1.9% year-on-year in February, government data showed on Friday. Analysts polled by Reuters had forecast an annual growth of 0.9% in output. The growth in January’s output was revised up to about 0.8% on year from 0.1% earlier.

Indulal PM of Reuters contributed to this story.

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Published: 11 Apr 2014, 09:55 AM IST
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