Key benchmark indices dropped on the last trading session of the week after the India Meteorological Department (IMD) on Thursday said that the country will likely get below-normal levels of monsoon rain this year.
Weakness in Asian and European stocks also hit sentiment on the domestic bourses adversely as the barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their lowest closing level in more than a week.
The market breadth, indicating the overall health of the market was negative.The disruptive weather phenomenon El Nino could shave as much as 75 basis points off the country’s economic output as a hit on agriculture could cause the central bank to delay cutting interest rates.
Meanwhile, the BSE Sensex lost 188.47 points or 0.82 percent to settle at 22,688.07, its lowest closing level since April 17, 2014. The 50-unit CNX Nifty at NSE lost 58.05 points or 0.85 percent to settle at 6,782.75, its lowest closing level since April 17, 2014.
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