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Economy growth concerns weigh on markets

Economy growth concerns weigh on markets
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Highlights

Weakening rupee, rising crude oil further put pressure

Mumbai: The market benchmark indices further recorded losses on Tuesday after investors fretted over IMF's comment that the Indian economy is in the middle of a 'significant' slowdown. Investors were also appeared cautious ahead of December month F&O expiry and year-end holidays.

"Persisting weakness in rupee and a gradual surge in crude prices also turned the market sentiment gloomy," Shrikant Chouhan, Senior V-P, Equity Technical Research, Kotak Securities, said.

On the currency front, the Indian rupee depreciated by nine paise to close at 71.27 against the US dollar. Brent futures, the global oil benchmark, advanced 0.08 per cent to $66.44 per barrel.

After trading on a volatile note through the day, the 30-share BSE Sensex ended 181.40 points, or 0.44 per cent, lower at 41,461.26.

Similarly, the broader NSE Nifty closed 48.20 points, or 0.39 per cent, down at 12,214.55. Last hour selling mainly in index heavyweights Reliance Industries and HDFC twins dragged the benchmark indices lower.

Sectorally, BSE energy, oil and gas, capital goods, IT, teck and industrials ended up to 1.21 per cent lower. On the other hand, BSE metal, realty, telecom, power and utilities indices settled up to 0.64 per cent higher.

In the broader market, BSE midcap and smallcap indices ended on a flat note.

With investor participation turning thin on account of year-end holidays and December series derivatives expiry on Thursday, traders and investors turned cautious awaiting fresh cues, analysts said.

The market will remain shut on Wednesday on account of Christmas Day.

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