Markets keep losing steam as Sensex closes further 100 points down

Indian markets are likely to start Monday's session on a flat note

Indian markets are likely to start Monday's session on a flat note

According to market observers, investor sentiments were subdued as higher-than-estimated inflation numbers and surge in oil prices dented the chances of a rate cut in the December policy meeting of the Reserve Bank of India.

The Nifty of National Stock Exchange (NSE) too dropped by 96.80 points to 10,224.95.

Not sure which way to move, the Sensex changed its course many a time during the day, before it settled at 32,941.87 - a three-week low, down 91.69 points, or 0.28 per cent.

Market breadth was negative with 844 advances against 946 declines.

The Consumer inflation (CPI) jumped to a 7-month high of 3.58 per cent in October, driven by costlier food items, particularly vegetables.

The broader markets also traded in line with benchmarks, with the Nifty Midcap falling 0.2 percent.

The rupee extended losses for the second straight session and ended down by 26 paise to close at over one-month low of 65.42 a dollar amid heightened tensions in the Middle East.

Inflation quickened to 3.58 percent in the month, the fastest pace in seven months, from 3.28 percent increase in September. "Global cues were not helping either amid uncertainty over USA tax reform, slow down in Chinese factory output and growing political issues in UK", Vinod Nair, Head of Research, Geojit Financial Services said.

Share sale by foreign portfolio investors (FPIs) was worth a net Rs 233.58 crore yesterday, provisional data showed.

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