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FMCG, energy stocks drag markets down

FMCG, energy stocks drag markets down
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Sensex ends 71 pts lower; Nifty settles down at 12,054

Mumbai: Market benchmark Sensex declined by 71 points to close at 40,938.72 on Monday, dragged by losses in energy, FMCG and auto stocks amid weak macroeconomic numbers.

The 30-share BSE barometer had opened higher and hit a lifetime high of 41,185.03 in the opening session. Losses in FMCG, auto, energy and select banking stocks eroded the gains later with Sensex settling 70.99 points or 0.17 per cent down at 40,938.72.

The broader NSE Nifty finished 32.75 points or 0.27 per cent lower at 12,053.95 as 37 of its components declined.

Vinod Nair, Head of Research at Geojit Financial Services said, "Inflationary pressure and static manufacturing activity impacted the sentiment while trade deal optimism buoyed global market.

Global factors are likely to be more supportive in the near term and market anticipates a better economic growth in coming years which is giving support in every consolidation."

According to analysts investors are also keenly waiting for the upcoming GST council meet to get any cues on overcoming revenue shortfall.

Traders said an agreement between the US and China over trade tariffs enthused global investors earlier in the day, but release of weak macro numbers dampened the market sentiment.

Sectorally, BSE telecom, metal, FMCG, consumer durables, auto and energy indices fell up to 1.59 per cent. While BSE IT, teck, realty, utilities and healthcare indices ended in the green.

Broader BSE midcap and smallcap indices too fell up to 0.46 per cent. Brent futures, the global oil benchmark, was trading flat at $65.23 per barrel.

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