Key Indian equity indices on Monday closed with substantial losses, with the Nifty50 dropping to nearly a three-week low, as negative global cues, outflow of foreign funds, as well as heavy selling in index heavyweights subdued investors' sentiments. The markets have been downhill since last week, as Sensex lost nearly 1,000 points from the near-34,000 levels it had attained on back of India's impressive ranking in World Bank's Ease of Doing Business report. At the close, the benchmark 30-share index, BSE Sensex added 63.63 or 0.19% at 33,314.56 with 15 components registering rise.
The NSE Nifty was up 11.25 points at 10,333 points. Meanwhile, the consumer price inflation (CPI) data for October will be released post market hours today.
On Friday, the GST Council had slashed the list of items in the top 28 per cent GST slab to 50 from 228 with the effect clearly seen in the markets on Monday. Both the indices lost nearly a per cent.
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The rupee opened at 65.38 a dollar and touched a one-month low of 65.39.
"Domestic investors turned cautious giving more weight to slowdown in IIP to 3.8%, geopolitical tensions in the Middle-East and continued advancement in crude prices".
On the other hand, Tata Motors (4.01%), Reliance Industries (2.00%), Asian Paints (1.57%), Sun Pharmaceutical Industries (1.42%), Kotak Mahindra Bank (1.27%), and Tata Consultancy Services (1.12%) were the major losers in the Sensex.
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