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Sensex edges lower on inflation concerns; banks, IT stocks down


By Krishna V Kurup

- Indian inched down on Tuesday, with markets taking a breather as the possibility of the central cutting next month was further dampened after retail picked up to a seven-month high in October.

India's retail grew 3.58 percent last month, government data showed on Monday, driven by faster rises in prices of food and fuel products.

"The likelihood of testing the 4 percent target by late 2017 and staying above it for rest of 2018 reinforces our expectations that central will remain on hold in December and the rest of 2018," said Radhika Rao, Economist at DBS Group Research in a note.

The broader NSE Nifty was 0.26 percent lower at 10,198.85 as of 0608 GMT, while the benchmark BSE was down 0.23 percent at 32,958.95.

"Markets appear to be consolidating right now," said R. K.

Gupta, Managing Director at Taurus Asset Management.

"Don't see any major downside or upsides in the market as of now, so I think at the end of the quarter markets will move in narrow ranges," he said.

Losses in IT such as Tata Consultancy Services Ltd and banking such as ICICI Ltd offset gains in consumer such as ITC Ltd.

ICICI slipped 1 percent and Tata Consultancy Services fell 1.5 percent. ITC were 0.2 percent higher.

Bharti Infratel Ltd fell 4.2 percent after parent company Bharti Airtel Ltd's unit Nettle Infrastructure Investments Ltd said it was selling a stake in the mobile masts operator.

Repco Home Finance Ltd surged as much 14.1 percent to hit a two-month high after posting a 22 percent rise in September-quarter net profit.

(Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 11:48 IST