Sensex off highs after weak factory data
Reuters Market Eye - The Sensex and the Nifty are trading flat, coming off highs after data showing weaker-than-expected industrial output in September.
Capital good stocks fall after the manufacturing output sub-index contracts 1.5 percent from a year ago: Larsen & Toubro (LART.NS) down 0.4 percent and Punj Lloyd (PUJL.NS) falls 1.3 percent.
Tata Steel (TISC.NS) falls 1.7 percent after posting on Friday an unexpected net loss in the July-September quarter and warning it did not expect an improvement any time soon due to weak market conditions.
But State Bank of India (SBI.NS) gains 0.9 percent, recovering after slumping 3.9 percent on Friday when the lender posted an increase in non-performing loans during the July-September quarter.
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India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article