Stock Market

Nifty hovers around 8650, Sensex in red; FMCG & Bankex drag


Chillicious Bureau

The market is slipping away as the Sensex is down 83.30 points or 0.3 percent at 27967.58. The Nifty is down 25.60 points or 0.3 percent at 8652.30. About 1463 shares have advanced, 1135 shares declined, and 188 shares are unchanged.

FMCG, banks and auto stocks are under pressure. ICICI Bank, ITC, Tata Motors, Hero MotoCorp and M&M are losers while BHEL, Wipro, Lupin, GAIL and Sun Pharma.

European stocks were mixed in morning trade Wednesday, following a raft of data out of China which showed government spending had helped the world’s second-largest economy to stabilize.

The pan-European Euro Stoxx 600 Index was flat with major bourses pointing in directions. The main focus Wednesday was China’s gross domestic product which grew 6.7 percent in the year to September, precisely in line with forecasts.

Tepid private investment was compensated for by robust government spending and a heated property market. Industrial output was the key disappointment and concerns persist that unsustainable credit growth was a key support factor in the numbers.