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Sensex, Nifty End Lower In Cautious Trade
(RTTNews) - Indian shares closed Friday's session lower as initial optimism over tame U.S. CPI data fizzled out, following hawkish comments from a Federal Reserve official.
After U.S. inflation readings for July came in lower than expected, San Francisco Fed President Mary Daly said that it was premature to say if the Fed has raised rates enough to bring inflation down to the 2 percent target.
China growth concerns also returned to the fore after China's biggest property developer Country Garden has warned of a loss of up to $7.6bn (£6bn) for the first six months of the year, deepening concerns about the health of the property sector.
The benchmark S&P BSE Sensex ended the session down 365.53 points, or 0.56 percent, at 65,322.65 while the broader NSE Nifty index settled down 114.80 points, or 0.59 percent, at 19,428.30.
Among the prominent decliners, Asian Paints, Tata Consumer Products, UPL, SBI Life and IndusInd Bank all fell around 2 percent.
HCL Technologies topped the gainers list to rally around 3 percent while Titan Company and Power Grid Corp both rose about 1 percent.
IOB soared 14.3 percent after CARE Ratings assigned fresh rating of CARE A1 + (A One Plus) to the bank's proposed certificate of deposits of Rs 10,000 crore.
Kalyan Jewellers surged 11 percent after HSBC raised its target price on the stock.
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