Markets decline in early trade after record-breaking rally
The Hindu
Mumbai stock market declines after record rally, influenced by US inflation data and Asian market trends.
Equity benchmark indices declined in early trade on April 12 after a record-breaking rally in the previous trade as investors went in for profit-taking amid weak trends from Asian markets.
The hotter-than-expected U.S. inflation data also hit investors' sentiment as it reduced hopes of rate cuts by the Federal Reserve.
The 30-share BSE Sensex declined 324.12 points to 74,714.03. The NSE Nifty dipped 96.6 points to 22,657.20.
From the Sensex basket, JSW Steel, Maruti, Asian Paints, ITC, Kotak Mahindra Bank and HDFC Bank were the major laggards.
NTPC, Tata Motors, Larsen & Toubro and Nestle were among the gainers.
In Asian markets, Tokyo traded in the positive territory while Seoul, Shanghai and Hong Kong quoted lower.
Wall Street ended mostly with gains on April 11.
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