Sensex slips below 25,000, tanks 176 points in early trade

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The benchmark BSE Sensex slipped below the 25,000-mark by plunging 176 points and the NSE Nifty cracked the 7,600 level in early trade on sustained selling by investors despite robust pick up in October industrial data.

Sentiment was bearish on persistent GST bill worries and a weak trend in other Asian markets. Moreover, caution prevailed ahead of the inflation data for November based on the wholesale price index (WPI) and the consumer price index (CPI), due later in the day.

The 30-share index, which lost 207.89 points in the previous session, dipped below the 25,000-level by losing 176.70 points or 0.70% to 24,867.73. The sectoral indices led by auto, realty, consumer durables and banking were trading in negative terrain with fall up to 1.03%.

Similarly, the National Stock Exchange index Nifty broke below the 7,600-mark by tumbling 59.40 points or 0.78% to 7,551.05. In a big jump, the October industrial production grew 9.8% on an annual basis, riding on the back of a robust growth in consumer products and capital goods during the festive season.

Brokers said sustained selling by participants amid a weak trend in other Asian markets ahead of the US Federal Reserve’s hotly-anticipated meeting this week which probably will hike interest rates and global oil prices continued to retreat to multi-year lows, dampened the trading sentiments.

Among other Asian markets, Hong Kong’s Hang Seng was down 1.32%, while Japan’s Nikkei index tanked 2.46% in early trade. The US Dow Jones Industrial Average ended 1.76% lower in Friday’s trade.

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