Sensex down 163 pts in early trade on weak IIP data

Continuing its losing streak for the fourth straight day, the benchmark BSE Sensex today fell by over 163 points in early trade on sustained selling by funds and retail investors amid weak industrial output data for October and jump in retail inflation.

The 30-share index which had lost 400.81 points in the previous three sessions, moved further down by 163.25 points, or 0.78 per cent, to 20,872.36 with banking, capital goods, realty, oil and gas and power sector stocks retreating.

The wide-based National Stock Exchange index Nifty fell 51.80 points, or 0.83 per cent, to 6,185.25.

Brokers said sentiments turned distinctly weak as Industrial production entered the negative territory after three months, contracting by 1.8 per cent in October mainly due to poor performance of the manufacturing sector and retail inflation climbing to a nine-month high of 11.24 per cent in November.

In the Asian region, Hong Kong's Hang Seng index rose 0.39 per cent, while Japan's Nikkei gained 1.01 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.66 per cent down in yesterday's trade.