Market remains indifferent to RBI’s rate cut, closes in red
The stock market on Friday remained indifferent to the Reserve Bank of India’s (RBI) rate cut as Sensex and Nifty closed lower for the third consecutive session.
The stock market on Friday remained indifferent to the Reserve Bank of India’s (RBI) rate cut as Sensex and Nifty closed lower for the third consecutive session.
The stock market closed lower on Wednesday due to losses in consumer stocks amid weak earnings.
The benchmark indices surged 1.8 per cent on the back of strong gains in capital goods, banking, energy, and auto stocks on Tuesday.
Stock market fell on Monday amid losses in global markets as the US President Donald Trump announced new tariffs on key trading partners, including Canada, Mexico, and China.
Stock market closed higher on Friday, a day before the announcement of Budget, for the fourth consecutive session.
Although the broader market was a bit lacklustre, sustained buying in cement and select pharma counters was seen during the day, he added.
On the broader front, the S&P BSE MidCap and SmallCap ended with losses at 0.16 per cent and 0.01 per cent respectively.
Traders said growing concerns over economic recovery and lack of fresh stimulus by central banks led to the global market selloff.
Out of 30 Sensex constituents, 28 were in the red with M&M, TCS, Bajaj Finance plunging by 5 per cent, 5.3 per cent and 5.60 per cent respectively.
Other laggards on the Sensex included Tata Steel, IndusInd Bank, NTPC, PowerGrid, ONGC and TCS.
