Sensex, Nifty End Slightly Lower After Soft US Data
(RTTNews) - Indian shares ended slightly lower on Thursday as weak U.S. labor market data reignited recession fears and oil prices rebounded on data showing a significant inventory drop.
Overall losses in the broader market were capped after a survey revealed that activity in India's leading services sector increased at its fastest pace in five months.
The benchmark 30-share BSE Sensex dropped 151.48 points, or 0.18 percent, to 82,201.16 while the broader NSE Nifty index closed at 25,145.10, down 53.60 points, or 0.21 percent, from its previous close.
Britannia, Reliance Industries, Coal India, Dr Reddy's Laboratories and Cipla all fell over 1 percent In the Nifty pack, while Titan Company shares rallied 3.1 percent to hit a nearly five-month high after recent decline in gold prices.
ITC, BPCL, Wipro and LTIMindTree all rose about 1 percent. Global cues were mixed after the latest job openings and labor turnover summary report released on Wednesday signaled cooling U.S. hiring in July.
Also, the Fed's Beige Book showed flat or declining economic activity across most regions in recent weeks, fueling anxiety about the economic outlook.
Oil prices were up over 1 percent in European trade as industry data pointed to falling stockpiles and reports emerged that major producers might postpone a planned output increase for next month.
The dollar wobbled and gold rebounded as markets bolstered bets on steep rate cuts by the Federal Reserve following the U.S. job openings data.
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