Sensex falls steeply, 5 factors hurting stocks

67347558 67347146 67346582 NEW DELHI: Adding to their morning gloom, the domestic benchmark indices extended their fall in late afternoon trade and fell over one percent, hit by concerns over slowing growth in China, fresh fall in the rupee and India’s weak macro data.At around 1:45 pm, the BSE sensex was 472.64 points or 1.30 per cent down at 35,781.93. While, NSE Nifty shed 145.70 points or 1.35 per cent to 10,764.40.Here are top factors that pulled down the market on Wednesday.Bearish global cuesStocks fell across Europe and Asia and US futures turned lower after evidence of slowing Chinese growth dashed investor hopes for an upbeat start to 2019, Bloomberg reported.China's factory activity contracted for the first time in over two years in December.Fresh fall in rupeeDepreciation in Indian rupee hit market mood. The rupee was trading 61 paise down at 70.04 against the greenback in later afternoon session.Weak macro dataMarket sentiment also took a hit after India’s manufacturing sector slowed down December. The growth was hit because of competitive pressures, labour affairs and challenging public policies. As per the survey, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) eased to 53.2 in December from 54 in the month of November.Fall in GST mop-upGST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month.The finance ministry in a statement said of the Rs 94,726 crore collected, Central GST (CGST) collection was Rs 16,442 crore, State GST (SGST) was Rs 22,459 crore, Integrated GST (IGST) was Rs 47,936 crore and Cess was Rs 7,888 crore.Motown enters slow laneAuto stocks plummeted after major companies, including Eicher Motors, Mahindra and Mahindra, Tata Motors and Maruti Suzuki India, reported lower-than-expected sales numbers for December.Royal Enfield on Tuesday reported a 13 per cent decline in total sales to 58,278 units in December. On the other hand Tata Motors reported an 8 per cent decline in domestic sales to 50,440 units in December as compared with 54,627 units in the same month last year.

from Economic Times http://bit.ly/2EZVZrz