Markets End In Red

Markets continued its losing streak for the second straight session on back of weak global cues and lower-than-expected IIP data. Sell-off in front liners ICICI Bank, Reliance Industries, Larsen & Tourbo, State Bank of India and Infosys dragged the markets down. The industrial output data for the month of September, which was reported at 4.4 per cent, is lower than revised forecast of 6.9 per cent in August. Shares from the Capital Goods and power sector dented. The Sensex closed the day in red declining 432.20 points or 2.10 percentage points to close at 20,156.89. Nifty ends the day at 6071.65 declining 122.60 points or 1.98 percentage points. Market breadth was negative with 753 advances against 2,263 declines on BSE. On the global front, European and Asian stocks and U.S. index futures dropped amid speculation that China will raise its interest rates and some European countries will have to restructure their debt. BHP Billiton Ltd., the world’s largest mining company, led a retreat among raw-material companies, sinking 4 percent, as the price of copper declined the most in two weeks. Enterprise Inns Plc fell 2.6 percent after UBS AG advised selling the shares of the U.K.’s second-biggest pub owner.