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Published on 13/02/2020 3:56:02 PM | Source: Reuters

Sensex, Nifty end lower on inflation, industrial output worries

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU  - Indian shares snapped two days of gains and ended lower on Thursday due to concerns related to growth after data showed a surprise drop in industrial output for December and a rise in January inflation to a six-year high.

The broader NSE Nifty 50 index closed down 0.22% at 12,174.65 and the benchmark S&P BSE Sensex declined 0.26% to 41,459.79.

Annual retail inflation in Asia's third-largest economy rose to 7.59% in January, while December industrial output contracted 0.3%, after rising for the first time in three months in November.

The data worried investors, already grappling with slowing growth. India's central bank has downwardly revised India's growth forecast for the first half of the next fiscal year to 5.5%-6.0%. The earlier projection was 5.9%-6.3%.

Most sectors traded negative, but the biggest drags were private-sector banks, with their main sub-index closing down 1.36%.

The Nifty financials index shed 0.73%.

Among stocks, Indusind Bank was the top laggard on the Nifty, dropping 3.65%, while Yes Bank emerged as the top gainer rising 5.68%.

(Reporting by Derek Francis in Bengaluru; Editing by Shounak Dasgupta)