Sensex falls over 300 points but midcap, smallcap stocks end with gains
Most other markets were lower today amid US-China tensions over Hong KongIT, banking and auto led the losers
Indian markets struggled fell today, tracking a decline in most other markets amid US-China tensions over Hong Kong. The Sensex ended 336 points lower at 40,793 while Nifty settled 0.78% lower at 12,056. However, the broader markets showed some strength. The BSE midcap and smallcap indices ended 0.16% and 0.47% higher.
Some profit-taking was seen in banking and auto after their recent gains. SBI, Tata Motors and M&M fell over 2%. Market heavyweights TCS, RIL and HUL also ended lower, falling 1.2%, 1.8% and 2.4% respectively.
The second quarter GDP data will be announced later today. India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.
Indian markets have been on a record-breaking rally this month amid increasing global liquidity, benign oil prices and expectations of more measures by the government to boost economic growth. Analysts says that RBI is also expected to maintain its accommodative stance until the economy enters into a revival path.
"Since quarterly results are already out and discounted for September quarter, today's GDP number may not impact the markets much. Earlier resistance of 12,000 mark is now an immediate floor for Nifty. On the higher side resistance is seen in the vicinity of 12,300-12,400," HDFC Securities said in a note.
Most global markets were lower today as investors awaited progress on China-US trade talks. US President Donald Trump's decision to sign a bill in support of pro-democracy protesters in Hong Kong sparked warnings of retaliation from Beijing and fuelled fears for negotiations on a mini trade deal. (With Agency Inputs)
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