The
50-share NSE Nifty (Trend)
it
Friday's low today but managed to hold the 5650 level. Banking and
financials, capital goods and auto stocks were under pressure ahead
of inflation data today. Analysts on an average expect inflation to
increase around 7.73 percent in September as against 7.55 percent in
previous month due to hike in diesel price by Rs 5 a litre last
month.
Today's
inflation will be very important ahead of the Reserve Bank of India's
policy meeting that is scheduled for October 30.
The
BSE benchmark declined 48 points to 18,627.14 and the NSE benchmark
was down 14 points to 5,662.45.
The
Indian market has been subdued over the last few sessions. Jai Bala,
cashthechaos.com says the market is setting up for a big decline in
the medium-term.
Country's
largest private sector lenders ICICI Bank and HDFC Bank were down
0.75 percent each while their rival State Bank of India was down 0.16
percent. Axis Bank, which will declare its results today, was flat.
State-run
power equipment maker BHEL went down over 1 percent while engineering
conglomerate Larsen & Toubro slipped 0.16 percent.
Cigarette
major ITC, housing finance company HDFC and software services
exporter Infosys were marginally down.