Sensex, Nifty down by 0.54% each on back of massive selling of IT and metal stocks

Sectorally, Nifty Auto was the only sector to closed in green, witnessing an increase of 0.46% while Nifty metal, Nifty IT, Nifty private bank and Nifty pharma indices closed in negative territory

On Wednesday, the Indian stock markets closed in red with both the indices Sensex and Nifty falling by 282.63 and 85.80 points respectively. A massive rate of selling was witnessed among metal, financial and IT stocks contributing to the fall. On Wednesday, Moody’s slashed India’s GDP growth projection from 13.9 per cent to 9.6 per cent for the calendar year 2021, further dampening the investor sentiment in the markets. However, the Indian Rupee strengthened its value marginally. Compared to 1 US dollar, the rupee closed at 74.27 as against 74.36 at closing on Tuesday.

The 30 share BSE Sensex dropped down to 52,306.08 points after a sharp fall of 0.54% or 282.63 points. The 50 share index Nifty of the National Stock Exchange(NSE) fell by

Sectorally, Nifty Auto was the only sector to closed in green, witnessing an increase of 0.46% while Nifty metal, Nifty IT, Nifty private bank and Nifty pharma indices closed in negative territory

Among the companies, the stock price of Adani ports decreased the most (-3.28%) followed by Wipro (-2.89%), Divis Lab (-1.50%), JSW Steel (-1.44%) and L&T (-1.33%). The top gainers of the day include Maruti Suzuki(2.30%), Titan Company(1.45%), Bajaj Finserv(1.29%), ONGC(1.07%) and M&M(0.87%).

Meanwhile, Moody’s revised its estimation for India’s GDP growth to 9.6% and 7% for the year 2021 and 2022 respectively. The rating agency noted that the second wave of Coronavirus had led to economic uncertainty in the country. However, it added that the damage caused to the Indian economy due to the pandemic and subsequent local lockdowns would remain restricted to the quarter ending in June 2021.

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