MUMBAI, DEC 11: The Sensex and the Nifty were trading down by over 1 per cent due to heavy selling by participants ahead of IIP data to be released later in the day amid weak global cues.Brokers said trimming of positions by participants ahead of key economic data — industrial production (IIP) numbers for October — to be released later in the day, weighed on the domestic sentiment.Moreover, weak global cues negatively impacted the sentiment, they added.At 2.15 p.m., the 30-share BSE index Sensex was down 295.51 points or 1.17 per cent at 24,956.81 and the 50-share NSE index Nifty was down 90.5 points or 1.18 per cent at 7,592.75.Among BSE sectoral indices, realty index fell the most by 2.63 per cent, followed by banking 2.46 per cent, auto 1.7 per cent and power 1.69 per cent. On the other hand, metal index was up 0.35 per cent and IT 0.12 per cent.Top five Sensex gainers were Tata Steel (+3.11%), HUL (+1.46%), Infosys (+0.34%), TCS (+0.12%) and Reliance (+0.04%), while the major losers were ICICI Bank (-4.06%), Tata Motors (-2.77%), M&M (-2.7%), State Bank of India (-2.54%) and L&T (-2.07%).

A report by SMC Global said: “Asian shares edged higher today but remained on track for a weekly loss as lower crude prices kept markets on edge after a broad rout in commodities heightened fears about receding global growth. US stocks rose on Thursday as investors snatched up beaten-down energy-company shares. US initial jobless claims climbed to 282,000, an increase of 13,000 from the previous week’s unrevised level of 269,000. Economists had expected jobless claims to inch up to 270,000. With the bigger than expected increase, jobless claims reached their highest level since hitting 296,000 in the week ended July 4th.”Asian shares were set for sizeable weekly losses, with equities faltering again on Friday as plunging crude prices and a tumble in China’s yuan to almost 4-1/2-year lows added to worries about receding global growth.
US stocks had closed higher on Thursday after a three-day decline but sharply pared gains late in the session as oil dropped to near seven-year lows and the strong dollar weighed on the sentiment.

Courtesy : thehindubusinessline.com

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