After a slow start, the BSE benchmark index fell to 17,337.61 soon after the Gross Domestic Product (GDP) data was announced. The Sensex attempted to stage a comeback and went up to 17557.62, but it lost the momentum to close at 17,380.75, down 160.89 points or 0.92 per cent over yesterday.
Likewise, the 50-share National Stock Exchange index Nifty lost 56.55 points, or 1.06 per cent to close at 5,258.50.
Out of 13 BSE sectoral indices, 12 ended lower with power, metal, oil&gas, realty and auto indices losing over 1 per cent each. Sustained selling in RIL, ITC, TCS and ICICI Bank weighed on the 30-share index where Hindalco, CIL and Bhel were among the worst performers losing over 2 per cent each.
Poor showing by the manufacturing sector pulled down the GDP growth to 5.5 per cent in the April-June quarter, the decade's worst Q1 performance, but was a higher than the 5.3 per cent estimate put out by most economists.
"GDP growth in Q1 of FY2013 witnessed a marginal improvement... Given any credible steps towards fiscal consolidation so far and RBI's prevalent hawkish stance, we do not expect it to cut rates in the September meeting," said Esp
