A morning walk down Dalal Street | Support for Nifty placed at 11,000; watch out for IIP data

Indian markets hit a 2-month low on Thursday weighed down by weak global cues, muted earnings from India Inc., and RIL downgrade by Morgan Stanley.

The final tally on D-Street – the S&P BSE Sensex fell 230 points to 37,558 while the Nifty50 dropped 57 points to close at 11,301. 

In terms of sectors, buying was seen in IT, consumer durables, realty, FMCG and auto stocks while selling pressure continued in energy, metals and telecom names.

On the macro front, investors would watch out for Industrial Production data for the month of March. 

Falling for the fourth straight session, the rupee depreciated by 23 paise to 69.94 against the US dollar May 9 on unabated foreign fund outflows amid simmering US-China trade tensions.