Dec 122012

The author has posted comments on this articlePTI | Dec 12, 2012, 04.51PM IST
MUMBAI: Registering losses for the fourth straight day, the BSE benchmark sensex today closed 32 points lower as a sharp rebound in industrial growth during October and retail-level inflation inching up to 9.9% in November, dimmed interest rate cut hopes.

The sensex, which had lost nearly 100 points in the past three trading sessions, fell further by 31.88 points, or 0.16% to 19,355.26. The gauge touched the day’s high of 19,478.79 in early trade but failed to sustain momentum after IIP and inflation data were released.

The 30-share index was dragged down by financial stocks, including HDFC, ICICI Bank and SBI. HUL, L&T, ONGC, BHEL and Tata Motors also were among the 20 losers.

Similarly, the broad-based National Stock Exchange index Nifty fell by 10.80 points to 5,888 points, after rising to 5,924.60 at the outset.

While retail inflation rose to 9.90% in November, from 9.75% in October, the industrial output growth rate bounced back to 8.2% in October compared to 5% decline in the same month last year.

The capital goods, metal and banking sectors suffered the most today.

Brokers said trading remained listless as they reduced their holdings despite a firming trend in Asian and European stock markets.

The benchmark Indian indices were cushioned to some extent today by rise in Reliance Industries, ITC, M&M, Bajaj Auto and HDFC Bank stocks that gained.

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