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

Sensex falls over 200 points, Nifty below 12,100


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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