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Sensex Extends Losses

John

29/Feb/2024

In early Thursday trading, the Indian stock market experienced a decline of 110.7 points or 0.2%, settling at 72,164.9. This marks the second consecutive session of losses, with the market hovering around its lowest point in two weeks. Weakness prevailed across various sectors, notably in media, healthcare, and realty.

The downward trend mirrored a decline on Wall Street overnight, with the Nifty 50 also contracting to 21,183.5. Traders remained vigilant, awaiting the release of key economic indicators such as the US PCE price index and speeches from Federal Reserve officials for insights into potential interest rate cuts. Investor sentiment was cautious ahead of the forthcoming Indian GDP growth figures and Chinese PMI for February, scheduled for release on Friday. According to a Reuters poll, Indian GDP is expected to moderate to 6.6% in Q4 from the 7.6% expansion witnessed in Q3. Further exacerbating market concerns were reports indicating that the market regulator had requested stress tests for mutual funds' small-cap schemes, adding pressure particularly on small-cap and midcap stocks. Notable decliners included Bajaj Auto (-2.5%), Apollo Hospitals (-1.7%), Power Grid (-1.6%), and Cipla (-1.5%).

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Sensex Extends Losses

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