The Sensex and the Nifty fell about 0.7 per cent in the opening session on Friday due to fresh selling by funds and retail investors amid mixes Asian cues.
At 9.15 a.m., the 30-share BSE index Sensex was down 150.15 points or 0.72 per cent at 20,775.46 and the 50-share NSE index Nifty was down 49.55 points or 0.79 per cent at 6,187.50.
Domestic sentiment was dampened as data released on Thursday showed that retail inflation surged to 11.24 per cent in November against 10.17 per cent in October). Also, factory output contracted to 1.8 per cent in October.
The decline in factory output and higher retail inflation could push the Reserve Bank of India to institute another 25 basis points hike in its next monetary policy review on December 18.
Asian stocks were trading mixed as improving US economic data fuelled speculation the Federal Reserve will reduce stimulus as early as next week.
South Korea’s Kospi index fell 0.4 per cent, while New Zealand’s NZX 50 Index gained 0.3 per cent. Hong Kong’s Hang Seng Index rose 0.4 per cent, while China’s Shanghai Composite was little changed. Singapore’s Straits Times Index fell 0.2 per cent, while Taiwan’s Taiex Index added 0.2 per cent.
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