Market Reality
India's equity markets, long buoyed by strong economic growth and rising corporate earnings, are now facing a sharp and prolonged correction.
The S&P BSE Sensex index fell as much as – 163.21 points or ( 0.44 per cent) to 37,221.78, and the broader NSE Nifty benchmark moved to as low as 10,026.95, down – 49.40 points (0.45 per cent) from the previous close.
The energy sector, banking, and auto shares dragged the markets lower, however, gains in information technology and pharmaceutical stocks limited the downside.
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The government last Saturday announced measures aimed at pushing exports and affordable housing, including Rs. 10,000 crore special window for affordable housing to revive stalled projects. Experts awaited the release of wholesale inflation Wholesale Price Index (WPI) data due during market hours for more clarity on the price changes and monetary policy going forward.
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On Friday, the Sensex and Nifty had ended 0.76 per cent and 0.85 per cent higher, clocking a gain of 1.09 per cent and 1.18 per cent respectively for the holiday-shortened week.
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