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Nifty declines for second day as PMI data spells caution
Nifty declined on Wednesday for the second consecutive session. At close, Nifty was down 0.46 per cent or 87.7 points at 18,991.9, says Deepak Jasani, Head of Retail Research, HDFC Securities.
New Delhi: Nifty declined on Wednesday for the second consecutive session. At close, Nifty was down 0.46 per cent or 87.7 points at 18,991.9, says Deepak Jasani, Head of Retail Research, HDFC Securities.
Asian stocks were mixed on Wednesday ahead of a keenly awaited policy decision from the Federal Reserve later in the day while European markets were slightly higher.
Indian government's Goods and Services Tax (GST) collections climbed 13 per cent year-on-year in October (up 5.71% MoM) to Rs 1.72 lakh crore, second-highest revenue collection ever, he said.
India's manufacturing activity fell to an eight-month low in October, with new orders rising at their slowest pace in a year, a private survey showed.
The India Manufacturing Purchasing Managers' Index stood at 55.5 in October, compared with 57.5 in September, he added.
Nifty Reality was the sector which outperformed on Wednesday up by 1.55 per cent while Nifty Pharma, Nifty PSU Bank and Nifty Oil and Gas were the sectors that ended the day with marginal gains up by 0.35 per cent, 0.32 per cent and 0.22 per cent respectively, Vaibhav Vidwani, Research Analyst, Bonanza Portfolio, said.
Macroeconomic data from India and FII withdrawals stressed the markets on Wednesday.
Adani Enterprises, Coal India, Adani Ports, SBI Life Insurance, and Asian Paints were among the top loser on the Nifty, whilst Sun Pharma, BPCL, Hindalco Industries, Bajaj Auto, and Reliance Industries were among the top gainers.
