The Sensex and Nifty closed lower on Thursday, pausing after a three-day rally. Sentiment was hit after GDP data released late on Wednesday showed India’s economy grew at a much lower-than-expected 7.1% in the April-June quarter, its slowest pace in 15 months. Similarly, the Core Sector growth slowed to 3.2% in July, compared to 5.2% recorded in June. Nifty closed with a loss of 12 points at 8,775, while BSE Sensex ended with a loss of 29 points at 28,423.
Meanwhile, manufacturing output in India grew at its fastest pace in thirteen months in August. The seasonally adjusted Nikkei India Manufacturing Purchasing Managers Indexedged higher in August, at 52.6 compared with 51.8 in July.
China’s official manufacturing purchasing managers’ index, a gauge of factory activity, rose to 50.4 in August, returning to expansionary territory, official data showed today. China’s Shanghai Composite closed in red. Japan’s Nikkei and Hong Kong’s Hang Seng ended in green.
European stocks edged higher on rebound in crude oil prices after registering sharp losses during the previous trading session. The FTSE 100 was trading up. DAX and the CAC 40 were trading flat around 0.5% each.
Meanwhile, wireless services providers cracked after Reliance Industries announced the launch of Reliance Jio with disruptive pricing strategy in addition to voice calls and national roaming free of cost. The BSE Telecom is closed down 5.7% or 69.52 points at 1,156.58 as against the previous close of 1,226.10.
Banking shares continued at their upward movement with the Nifty Bank and S&P BSE Bankex hitting their fresh 52-week highs on Thursday. Kotak Mahindra Bank and Yes Bank hit a record high while Federal Bank touched a fresh 52-week high.
Mahindra & Mahindra gained 1% to Rs.1452. Domestic sales in August 2016 were at 12,327 units, as against 10,751 units during August 2015.
HCC hits 20% upper circuit after the company announced that the Cabinet decision that needs government agencies to pay 75% of arbitral awards will result in HCC’s debt being reduced by half.
Indo Rama Synthetics dropped 14.6% after the company reported a standalone net loss of Rs.16.56 crore for the first quarter ended June 30.
The rupee was trading down three paise at 66.98 per US dollar.
Out of 1,522 stocks traded on the NSE, 993 declined and 479 advanced today.
Top 5 Nifty Gainers: Adani Ports & Sez (3.07%), Maruti Suzuki (2.14%), Tata Motors (1.86%), HDFC (1.13%) and Asian Paints (1.00%).
Top 5 Nifty Losers: Coal India (-1.86%), Reliance Ind. (-1.86%), Bajaj Auto (-1.62%), Infosys Ltd. (-0.59%) and CIPLA (-0.54%)
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