Sensex, Nifty decline on weak rupee, factory data

By Reuters

  • 13 Nov 2019
Credit: Reuters

Indian shares closed lower on Wednesday, hurt by a weaker rupee and a fall in factory output data, while investors awaited retail inflation data due later in the day.

India's industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggest the country's economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.

The NSE Nifty 50 index closed down about 0.6% at 11,840.45, while the benchmark BSE Sensex also finished 0.6% lower at 40,099.23.

The Nifty public sector bank index, Nifty bank index and the metal index were top losers, falling 3.1% to 1.8%.

Markets await consumer price index data, due later in the day.

The retail inflation probably exceeded the Reserve Bank of India's (RBI) medium-term target of 4% in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

Shares of India's Britannia Industries ended up 4.81% as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty.

Yes Bank shares closed down 6.6% and was the top Nifty loser.