Mumbai, Sep 12: The Sensex today slipped by a marginal 37.41 points on the Bombay Stock Exchange (BSE) to settle lower at 15,505.36 on negative cues from data showing slower growth in industrial production raised worries about economic slowdown from a robust growth last fiscal and continued political uncertainty on the domestic front.
''The market witnessed a trend reversal from initial strength to end in the red. The barometer index had opened higher at 15,608.50 from its last close of 15,542.77, tracking a rally in US stocks yesterday, bolstered by confidence that the Federal Reserve will cut interest rates next week. However, it first slipped into the negative zone in mid-afternoon trade after official data released during noon today showed slower growth in industrial production,'' market analysts observed.
India's industrial output rose 7.1 per cent in July this year, from a year earlier, sharply lower than the downwardly revised annual growth of 9 per cent in the previous month due to slower manufacturing output, official data showed. Manufacturing production also rose only 7.2 per cent in July from a year earlier, compared with the provisional annual growth of 10.6 per cent in June.
The National Stock Exchange (NSE) S&P CNX Nifty remained practically unchanged at 4,496.85 from it's last close of 4,497.05, after opening in the green at 4,498.65 and moving between 4,531.50 and 4,490.40 during the day's session.
BSE data shows that the market breadth was strong with 1,610 shares advancing as compared to 1,157 that declined, while 55 remained unchanged. Turnover surged in last one hour on trade, amounting to Rs 5,362 crore. From the 30-scrip Sensex pack, 23 declined while the rest of them gained.
India's most valuable private sector entity and oil refiner Reliance Industries (RIL) advanced 1.30 per cent to Rs 2,012.20 on 7.52 lakh shares boosted by reports that government may approve Reliance Industries (RIL)'s pricing formula for the gas it plans to produce from July next year, with minor changes. The stock struck an all time high of Rs 2,022. The empowered Group of Ministers (eGoM) today left the decision on the gas price that RIL can charge its customers to External Affairs Minister Pranab Mukherjee, who is likely to give his decision after his return from his South East Asian tour on Sept 19.
Other leaders included Reliance Energy (REL), Bajaj Auto and HDFC, while NTPC, Dr Reddy's Laboratories, Ranbaxy Laboratories, Cipla, ICICI Bank and HDFC Bank edged lower.
India's second largest listed power utility company in terms of revenue, Reliance Energy (REL) hit an all time high of Rs 901.60 on BSE. It settled with a spurt of 3.59 per cent to Rs 891 on high volumes of 15.02 lakh shares. The Supreme Court has allowed the company to bid for the Rs 2,600 crore Mumbai sea link project. It was the top gainer from the Sensex pack.
Bajaj Auto, the country's second largest bike manufacturer in terms of sales, rose 2.38 per cent to Rs 2,388. The company is reportedly targeting to sell 20,000 units of its recently lunched bike XCD this month and 50,000 next month.
India's top dedicated mortgage finance company in terms of sales HDFC rose 1.25 per cent to Rs 2,175, on sustained buying. It struck an all time high of Rs 2,194.95. Analysts see significant value in HDFC's insurance business, which could be unlocked in due course.
NTPC, the nation's largest power generation company by sales slumped 3.04 per cent to Rs 189.80 on 15.36 lakh shares. It was the top loser from the Sensex pack.
European markets were trading mixed today. Key benchmark indices in United Kingdom and Germany slipped, while France's CAC 40 rose 0.11 per cent to 5,485.06.
Asian markets were mixed today. Hang Seng rose 1.49 per cent at 24,310.44, Taiwan Weighted advanced 0.17 per cent at 9,018.12 and Singapore's Straits Times gained 0.33 per cent at 3,506.09. However, South Korea's Seoul Composite slumped 1.83 per cent at 1,813.52 and Japan's Nikkei tanked 0.50 per cent at 15,797.60.
The Dow Jones Industrial Average (DJIA) rose 180.54 points, or 1.38 per cent, to 13,308.39 in it's last trading session. The Standard&Poor's 500 index rose 19.79 points, or 1.36 per cent, to 1,471.49, while the Nasdaq Composite index rose 38.36 points, or 1.50 per cent, to 2,597.47.
Crude oil prices held near a record high over USD 78 a barrel today, after OPEC's token output increase failed to soothe consumers' worries about falling inventories. US light crude for October delivery rose 8 cents to USD 78.31 a barrel, after a record close yesterday, of USD 78.23, and within striking limit of Aug 1's record high of USD 78.77.