Benchmark equity indices BSE Sensex and NSE Nifty slipped for a fourth straight day after the country's gross domestic product, which was mostly in line with expectations, failed to lift sentiment. The 30-share Sensex declined 316.41 points, or -0.95 per cent, to close at 32,832.94 today, while the 50-share NSE Nifty index settled 104.75 points, or -1.02 per cent, down at 10,121.80 today, with as many as 42 stocks closing in the red and only 8 closing in the green.
In a volatile trading session, the benchmark indices ended lower with the Nifty50 settling the first day of December expiry below 10,150 as economic growth data came in largely as expected, but failed to boost a market weighed down by concerns about the country's fiscal deficit and global risk factors such as rising crude prices. Data late on Thursday showed India's gross domestic product grew +6.3% in July-September as businesses started to overcome troubles after the bumpy launch of Goods and Services Tax (GST), but the country's fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018.
The Nifty50 index continued its weakness for a fourth consecutive session and corrected sharply towards the 10,100 level today to end the week on a poor note. It fell more than 100 points and formed a Bearish Candle, following a Bearish Belt Hold in the previous session. The index first broke below the 10,240 level on Thursday and, today, the 10,178 level. These two levels were seen as strong supports for the index. Now, till it holds below 10,200 zone, weakness could continue towards the swing low of 10,095 then the psychologically important 10,000 level.