Stock market today: The Indian stock market benchmarks, including the Nifty 50 and the Sensex, closed with notable losses on Friday, March 15. Investors exercised caution amidst persisting concerns regarding elevated valuations and market froth in certain segments, prompting profit-taking activities following the substantial gains seen in the previous session.
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%
Sensex closed with a loss of 454 points, or 0.62 per cent at 72,643.43, while the Nifty 50 ended the day at 21,996.55, down 150 points, or 0.68 per cent.
(More to come)
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Published: 15 Mar 2024, 03:31 PM IST