Stock market today: Sensex falls over half a per cent, Nifty 50 ends below 22k; smallcaps outperform

The prevailing sentiment was further dampened by weak global cues. Investors are now closely eyeing the upcoming Fed meeting scheduled for next week, anticipating insights into the central bank’s perspectives on growth and inflation. Investors also expect hints on the timing and the extent of potential rate cuts.

Amidst this, India’s robust domestic macro outlook persists, reinforcing its status as an appealing destination for long-term investment gains. Consequently, analysts have been advocating the acquisition of high-quality stocks following the market downturn.

Fitch Ratings raised India’s GDP growth estimates for FY24 and FY25 on Thursday, citing growing domestic demand and improved business and consumer confidence.

The ratings agency raised the FY24 estimate to 7.8 per cent from 6.9 per cent in December 2023, and the FY25 estimate to 7 per cent, from 6.5 per cent a quarter ago.

Also Read: Fitch raises India GDP growth estimate for FY24 to 7.8%

Nifty 50 opened at 22,064.85 against its previous close of 22,146.65 and touched its intraday high and low of 22,120.90 and 21,931.70 respectively. The index ended the day at 22,023.35, down 123 points, or 0.56 per cent.

The Sensex opened at 72,886.77 against the previous close of 73,097.28 and touched its intraday high and low of 72,998.07 and 72,484.82 respectively. The index closed with a loss of 454 points, or 0.62 per cent, at 72,643.43.

Mirroring the trend in the benchmark index, the BSE Midcap index also ended in the red, falling 0.51 per cent. However, the BSE Smallcap index defied the market trend and ended with a gain of 0.25 per cent.

(More to come)

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Published: 15 Mar 2024, 03:31 PM IST