Stock market today: Nifty 50, Sensex snap 4-day winning streak; smallcaps underperform

The majority of stocks in the key indices witnessed selling pressure as investors offloaded equities due to rich valuations, with most positives already discounted and fresh triggers not in sight.

Weak global cues further weighed on sentiment.

“Global shares eased below their recent highs on Tuesday, as the start of China’s week-long annual session of parliament lacked any big-ticket stimulus plans, leaving investors disappointed, while bitcoin remained tantalisingly close to record peaks,” reported Reuters.

As per media reports, China set a growth target of around 5 per cent for 2024 and promised to take action to transform the country’s development approach and reduce risks aggravated by the real estate crisis.

Moreover, there are no signs of an early rate cut by the US Federal Reserve which is keeping the risk appetite of investors low.

According to Reuters, Atlanta Fed President Raphael Bostic said on Monday that “the US Federal Reserve is under no urgent pressure to cut interest rates given a prospering economy and job market”.

Investors’ focus now is on Fed Chair Jerome Powell’s semi-annual testimony to Congress as well as key macroeconomic data later in the week.

Nifty 50 closed the day with a loss of 49 points, or 0.22 per cent, at 22,356.30 while the Sensex ended at 73,677.13, down 195 points, or 0.26 per cent.

BSE Midcap index ended with a loss of 0.17 per cent but the Smallcap index underperformed the benchmark Sensex, falling 0.63 per cent.

(More to come)

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Published: 05 Mar 2024, 03:33 PM IST