The stock market registered modest losses in a highly volatile session of trade. The barometer index, the S&P BSE Sensex, fell 174.95 points or 0.53% at 33,053.04, as per the provisional closing data. The Nifty 50 index declined 37.75 points or 0.37% at 10,202.40, as per the provisional closing data.
Realty and metal stocks declined. Blue-chip shares L&T, Infosys and State Bank of India dropped.
Key indices started the session on a subdued note and traded in negative zone till morning trade on mixed Asian cues, data showing surge in India's consumer price inflation and a moderate growth in industrial production. Indices reversed losses in mid-morning trade. Key indices saw a sudden slide into negative territory in mid-afternoon trade.
The stock market was volatile amid slew of domestic economic data and ahead of central bank meetings in Europe and the US, to decide on interest rates.
The Sensex fell 239.17 points, or 0.71%, at the day's low of 32,988.82 in late trade, its lowest level since 7 December 2017. The index advanced 176.27 points, or 0.53%, at the day's high of 33,404.26 in afternoon trade. The Nifty fell 70.30 points, or 0.68%, at the day's low of 10,169.85 in late trade, its lowest level since 7 December 2017. The index advanced 56.40 points, or 0.55%, at the day's high of 10,296.55 in early afternoon trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.84%. The S&P BSE Small-Cap index provisionally declined 0.81%. Both the indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was weak. On the BSE, 1,776 shares declined and 853 shares rose. A total of 138 shares were unchanged.
The total turnover on BSE amounted to Rs 4867.20 crore, higher than turnover of Rs 4466.90 crore registered during the previous trading session.
Realty stocks slumped. Unitech (down 13.78%), Sobha (down 3.41%), Puravankara Projects (down 3.7%), HDIL (down 3.21%), DLF (down 2.46%), D B Realty (down 1.96%), Indiabulls Real Estate (down 1.62%), Godrej Properties (down 0.96%), Prestige Estates Projects (down 0.42%) and Oberoi Realty (down 0.41%) fell.
Engineering and construction major L&T dropped 1.16% at Rs 1,188.95.
IT major Infosys fell 0.79% at Rs 1,003.10.
State-run banking major State Bank of India lost 1.41% at Rs 313.90.
On the macro front, the all-India general inflation based on the consumer price index (CPI) surged to 4.88% in November 2017, compared with 3.58% in October 2017. The core CPI inflation increased to 4.69% in November 2017 compared with 4.4% in October 2017. The inflation data was released by the government after market hours yesterday, 12 December 2017.
India's industrial production rose at moderated pace of 2.2% in October 2017 over October 2016, while showing a deceleration in growth from 4.1% increase in September 2017, data released by the government after market hours yesterday, 12 December 2017 showed.
Overseas, European stocks edged lower ahead of the European Central Bank (ECB) meeting tomorrow, 14 December 2017, to announce its interest rate decision. The ECB held its benchmark refinancing rate at 0% on 26 October, as widely expected, and decided to reduce its quantitative easing programme to a monthly pace of 30 billion from January with the option of extending it in September 2018.
Asian stocks traded higher as investors awaited the outcome of the US Federal Reserve's two-day policy meeting.
US stocks rose yesterday, 12 December 2017 amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
The US Federal Reserve's Federal Open Market Committee (FOMC) two-day meeting, on interest rate decision, began yesterday, 12 December 2017. The Federal Reserve left the target range for its federal funds rate unchanged at 1% to 1.25% during its November 2017 meeting as widely expected.
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