Sensex retreats for 3rd day on muted global cues

Sensex retreats for 3rd day on muted global cues

Sensex retreats for 3rd day on muted global cues
Markets brought about their third session of fall today, buffeted by ongoing geo-political headwinds, as the Sensex fell marginally to a three-week low of 29,414 even as wholesale inflation moderated.

The Korean peninsula, Afghanistan and Syria remained geo-political flashpoints, which cast their shadow here.

After reaching the day's low of 29,363.28, the Sensex recovered partially before settling down 47.79 points, or 0.16 per cent, at 29,413.66 -- its lowest closing since March 27.

The gauge has now lost 374.69 points in three sessions.

The NSE Nifty also remained under pressure and was down 11.50 points, or 0.13 per cent, to close at 9,139.30.

However, there was relief on the prices front as WPI inflation slipped to 5.70 per cent in March, from 6.55 per cent in February.

"Rising geo-political tension and a tepid start to domestic earnings season dragged the indices to consolidation. Investors are waiting for more cues from upcoming quarterly results," said Vinod Nair, Head of Research, Geojit Financial Services.

Broader markets outperformed the key indices.

Japanese financial services major Nomura in its report said India's current account deficit (CAD) may widen to 1.6 per cent of GDP this year, which added to nervousness, traders said.

NTPC lost most (3.31 per cent), Sun Pharma (2.18 per cent), Asian Paints (1.81 per cent) and Coal India (1.77 per cent). However, GAIL rose 4.01 per cent followed by RIL 1.95 per cent, PowerGrid 1.30 per cent and Dr Reddy's 0.72 per cent, which put brakes on the slide.

Indiabulls Real Estate recorded a spectacular rally of some 40 per cent, driven by reports of restructuring of business. Other gainers in this segment included HDIL, DLF, Godrej Properties and Unitech.

Other Asian markets moved cautiously even as Chinese economic growth data beat expectations, with geo-political muscle-flexing weighing heavy. China's economy grew 6.9 percent in the first quarter of 2017, government data showed.

The market was shut on Friday for Ambedkar Jayanti and Good Friday.

BSE metal dropped by 1.09 per cent, followed by power, technology and PSU, while realty jumped 8.82 per cent.