Sensex Falls Over 150 Points, Nifty Near 12,100

Edited by Sandeep Singh

29 Nov 2019, 09:30 AM IST

Reliance Industries, ICICI Bank and Kotak Bank were the top drags on the Sensex

Domestic stock markets started Friday's session on a lower note, after benchmark indices S&P BSE Sensex and NSE Nifty ended at record closing highs for two straight days. The Sensex index fell as much as 168.58 points to hit 40,961.59 on the downside in early deals, and the broader Nifty benchmark declined to as low as 12,108.15, down 43 points from the previous close. Losses in banking and metal stocks pulled the markets lower however gains in pharmaceutical shares provided some support. Analysts awaited the release of official data on gross domestic product (GDP) due after market hours.

At 9:23 am, the Sensex traded 107.54 points - or 0.26 per cent - lower at 41,022.63, while the Nifty was down 29.55 points - or 0.24 per cent - at 12,121.60.

Twenty four stocks on the Nifty 50 index traded higher at the time. Top percentage laggards on the index were Bharti Infratel, Tata Steel, UPL, ICICI Bank and Reliance Industries, down between 0.85 per cent and 4.50 per cent.

Reliance Industries, ICICI Bank and Kotak Bank were the top drags on the Sensex.

On the other hand, Yes Bank, Zee Entertainment, UltraTech Cement, Bharat Petroleum and Coal India - trading between 0.70 per cent and 3.93 per cent higher - were the top percentage gainers on Nifty.

The government will GDP data for the quarter ended September 30 at 5:30 pm.

Economists in a poll conducted by news agency Reuters expect the economy to register a growth of 4.7 per cent in the quarter. If that prediction comes true, it would mark the slowest pace of economic expansion since March 2013.

In recent months, the government has taken a slew of measures to revive growth and spur consumer demand, including a reduction in corporate taxes, the setup of a real estate fund and a mega merger of state-run banks.

On Thursday, the S&P BSE Sensex index had risen 109.56 points (0.27 per cent) to end at a record closing high of 41,130.17, and the broader NSE Nifty benchmark settled at a record 12,151.15, up 50.45 points (0.42 per cent) from the previous close.