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Markets turn cold after macro estimates

Thursday, October 12, 2017

Disappointing macro estimates yesterday laid investors low as the Sensex and the Nifty squandered their early advantage and ran into losses ahead of the start of the earnings season.

The International Monetary Fund (IMF) yesterday lowered India's growth projection to 6.7% in 2017, lower than its earlier estimate, unnerving investors, analysts said.

The Nifty cracked and slipped below 10,000 as investors went around picking profit. Caution remained the byword as June-September quarterly results kick off tomorrow, with TCS set to get off the block, and RIL the next on Friday. Data on industrial production for August and consumer inflation for September is also lined up for today.

The beginning was positive as the Sensex raced past the 32,000-mark shortly after the open as domestic investors pressed on with buying. But in the end, the index faltered and ended lower by 90.42 points, or 0.28%, at 31,833.99, with profit-booking posing an overhang.

The gauge had rallied 332.38 points in the past three sessions. At the close, the 50-share NSE Nifty nosed down by 32.15 points, or 0.32%, at 9,984.80.

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