Stock market today: Sensex, Nifty 50 snap 3-day winning streak on profit booking; small, mid-caps gain

India’s manufacturing sector growth climbed to a 16-year high in March on the back of the strongest increase in output and new orders since October 2020, amid reports of buoyant demand conditions, a monthly survey said on Tuesday.

In Asian markets, Shanghai settled lower while Tokyo, Seoul and Hong Kong ended in the positive territory. European markets were trading mostly in the green. Wall Street ended mostly lower on Monday.

The 30-share BSE Sensex declined by 110.64 points or 0.15 per cent to settle at 73,903.91. During the day, the index dropped by 270.78 points or 0.36 per cent to a low of 73,743.77. The broader NSE Nifty dipped 8.70 points or 0.04 per cent to 22,453.30.

Expert Views

Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market took a breather today after achieving a fresh record high yesterday. Factors such as a rising dollar, increasing US bond yields, and a notable uptick in crude oil prices collectively dampened investor sentiment.’

‘’Moreover, better-than-expected US manufacturing data raised worries about a potential delay in interest rate cuts. Despite these factors, mid and small-cap stocks continued their recovery rally, although concerns about high valuations lingered. Investors are eagerly anticipating guidance from the upcoming RBI monetary policy announcement for insight into near-term market direction,” added Nair.

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Published: 02 Apr 2024, 04:17 PM IST