Home Business Sensex falls over 200 points, Nifty below 12,100

Sensex falls over 200 points, Nifty below 12,100

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Indian shares lost ground on Friday on expectations of slower economic growth in the September quarter and as rising uncertainty over a Sino-U.S. trade deal hurt demand for risk assets.

The NSE Nifty 50 index <.NSEI> was down 0.32% at 12,111.30 by 0400 GMT, while the S&P BSE Sensex <.BSESN> fell 0.37% to 40,976.15.

India`s economy was seen growing at 4.7% in the quarter to September, its weakest pace in more than six years, according to a Reuters poll published on Thursday.
The data is scheduled to be released later on Friday.

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The country`s economic growth had slowed to 5% in the previous quarter, due to decelerating demand and falling exports, prompting a raft of actions from the government, including a corporate tax cut in September.

Broader Asian markets were also lower as investors feared that a new U.S. law backing Hong Kong protests could derail efforts to end the U.S.-China trade war. The MSCI`s broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> fell 0.9%.

In India, metal stocks were the biggest losers in early trade, with the Nifty Metals index <.NIFTYMET> falling 0.6%. Sector heavyweight Tata Steel dropped 1.7%.

Banks were also among the biggest drags. The Nifty bank index <.NSEBANK>, which tracks both state-owned and private-sector lenders, fell 0.34%.

Generic drugmaker Dr Reddy`s was among the top losers on the Nifty, shedding 1.5%, while Bharti Infratel advanced 8.81% and topped the gainers on the index.

Future Retail rose 14% after the Competition Commission of India (CCI) approved the acquisition of the company by Amazon.com .





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