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Sensex slips 162 points, Nifty below 10,500 on fiscal deficit concerns

SI Reporter/New Delhi 28 Feb 18 | 03:30 PM

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The benchmark indices ended lower on Wednesday on  fiscal deficit concerns.

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The S&P BSE Sensex ended at 34,184, down 162 points while the broader Nifty50 index settled at 10,493, down 61 points.

In economic data released today, India reported a fiscal deficit of Rs 6.77 trillion ($103.72 billion) for April-January or 113.7 per cent of the target originally set for the fiscal year that ends in March.

Meanwhile, growth in India's factory activity slowed to a four-month low in February as new orders eased and weighed on output after manufacturers raised prices at the fastest pace in a year, a business survey showed on Wednesday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 52.1 in February from January's 52.4 and was below the 52.8 expected in a Reuters poll.

The market participants will now be looking forward to the Gross Domestic Product (GDP) data to be released later in the day today.

In the global markets, Asian shares faltered on Wednesday and bonds were sold off as risk appetite soured after comments from new Federal Reserve Chair revived fears about faster rate rises in the US.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent, on track for a second straight day of losses. Japan's Nikkei eased 0.2 per cent while South Korea's KOSPI index ticked higher. Australian shares slipped 0.4 per cent.

New Federal Reserve Chair Jerome Powell noted in his semi-annual testimony on Tuesday that the US economy was strong, inflation was ticking higher and that the global backdrop was better than in December.

(with Reuters inputs)

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Company Price Gain (%)
Hind. Unilever1,625.001.09
Kotak Mah. Bank1,328.400.62
Sun Pharma.Inds.579.000.47


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