Indian Stock Market Closes with Losses Amid Caution and Weak Global Cues

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Indian Stock Market Closes with Losses Amid Caution and Weak Global Cues

Team FS

15/Mar/2024

Key Points:

Nifty 50 and Sensex faced significant losses on Friday, March 15, as investors exercised caution amidst concerns over valuations and global uncertainties.
Weak global cues and anticipation of the upcoming Fed meeting outcome added to market pessimism, with investors eyeing insights on growth and inflation.
Despite market downturn, India's strong domestic macro outlook remains robust, attracting analysts to advocate acquiring high-quality stocks for long-term investment gains.

The Indian stock market witnessed a day of losses on Friday, March 15, with both Nifty 50 and Sensex closing in the red as investors treaded cautiously amid lingering concerns over rich valuations and frothy market segments. The session saw profit-taking following healthy gains in the previous session, compounded by weak global cues.

Investor sentiment remained tepid as anticipation built around the upcoming Federal Reserve meeting, scheduled for the following week. Market participants eagerly await insights into the central bank's stance on growth and inflation, along with clues regarding potential rate adjustments.

Despite prevailing uncertainties, India's robust domestic macro outlook continues to bolster its appeal as an attractive destination for long-term investment gains. Fitch Ratings' upward revision of India's GDP growth estimates for FY24 and FY25 further underscored the country's positive economic trajectory. The ratings agency cited growing domestic demand and improved business and consumer confidence, raising the FY24 estimate to 7.8% and FY25 estimate to 7%.

In terms of market performance, Nifty 50 opened lower at 22,064.85, touching an intraday high of 22,120.90 and a low of 21,931.70, ultimately closing down by 123 points or 0.56% at 22,023.35. Similarly, Sensex opened at 72,886.77, reached an intraday high of 72,998.07, and a low of 72,484.82, ending the day with a loss of 454 points or 0.62% at 72,643.43.

The market downturn also reflected in sectoral indices, with most ending in negative territory. Nifty Oil & Gas and Auto emerged as top losers among sectoral indices, with declines of 1.98% and 1.57%, respectively. However, the BSE Smallcap index bucked the trend, closing with a gain of 0.25%.

Among the Nifty 50 constituents, only 11 stocks ended in the green, with UPL, Bharti Airtel, and HDFC Life Insurance Company leading the gains. Conversely, Mahindra and Mahindra, BPCL, and Coal India were among the top losers.

In summary, the day's market performance underscored cautious investor sentiment amidst global uncertainties. While challenges persist, India's strong economic fundamentals continue to attract attention, with analysts advocating a strategic approach to navigate market volatility and identify opportunities for long-term gains.

Also Read : Countdown to India's Lok Sabha Polls 2024 Begins: What You Need to Know.
The anticipation surrounding India's Lok Sabha elections for 2024 reaches a new high as the Election Commission gears up to unveil the election schedule. Scheduled for announcement on Saturday, March 16, this event marks a significant milestone in the country's democratic process.

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Indian Stock Market Closes with Losses Amid Caution and Weak Global Cues

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