Sensex falls 1,170 points; oil stocks down (Ld)

Mumbai, Nov 22 (IANS) Negative global cues as well as foreign fund outflows dragged India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- deep into the red on Monday.The barometer 30-scrip Sensex fell sharply to 58,465 points, down by 1,170.12 points or 1.96 per cent. Similarly, the broader 50-scrip Nifty closed the day at 17,416 points, down 1.96 per cent or 348.25 points.It touched a low of 17,280 points."Subdued listing and continuation of weak trading of Paytm, India's largest new generation fintech, is a big sentimental setback to the domestic market, which was thriving on the strong primary market. It will impact the inflow of money from the retail segment, which has been a key player during the year," said Vinod Nair, Head of Research at Geojit Financial Services."FIIs are also a seller due to fear of overvaluation of India compared to peers. Weak inflow from FIIs will possibly get higher due to the withdrawal of three agriculture farm acts which brings a stoppage to government's reformist agendas in context to coming state elections next year. It was a key factor for India to trade at a premium to EMs during the year."
--IANS rv/skp/

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