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  1. Markets settle marginally lower on muted GDP growth projection; HDFC, ICICI Bank major drag

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Markets settle marginally lower on muted GDP growth projection; HDFC, ICICI Bank major drag

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2 min read | Updated on January 08, 2025, 16:46 IST

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SUMMARY

SENSEX and NIFTY ended marginally lower amid volatility, with foreign fund outflows and mixed global cues weighing on market sentiment. Despite gains in TCS and Reliance Industries, the economic growth slowdown and earnings season concerns held investors back.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,491.46 crore on Tuesday

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,491.46 crore on Tuesday

Equity benchmark indices SENSEX and NIFTY ended marginally lower in a volatile session on Wednesday, as investors stayed on the sidelines ahead of the earnings season amid lower economic growth projections.

Unabated foreign fund outflows and mixed global market cues also dented sentiments.

However, buying in bellwether stocks TCS and Reliance Industries managed to restrict a steep decline in markets, traders said.

The 30-share BSE benchmark SENSEX fell 50.62 points or 0.06% to settle at 78,148.49. During the day, it dropped 712.32 points or 0.91% to 77,486.79.

The NIFTY50 skidded 18.95 points or 0.08% to 23,688.95.

From the 30-share blue-chip pack, Adani Ports, UltraTech Cement, Larsen & Toubro, Sun Pharma, HDFC Bank, ICICI Bank, NTPC and State Bank of India were the major laggards.

Tata Consultancy Services, Reliance Industries, ITC, Asian Paints, HCL Tech and Maruti were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,491.46 crore on Tuesday, according to exchange data.

In Asian markets, Seoul and Shanghai settled in the positive territory, while Tokyo and Hong Kong ended lower.

European markets were trading in the green. US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.79 per cent to U$77.66 a barrel.

India's economic growth rate is estimated to slip to a four-year low of 6.4% in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released on Tuesday.

The gross domestic product (GDP) rate of 6.4% will be the lowest since the Covid year (2020-21) when the country witnessed a negative growth of 5.8%. It was 9.7% in 2021-22; 7% in 2022-23; and 8.2% in the last fiscal ended March 2024.

The BSE benchmark climbed 234.12 points or 0.30% to settle at 78,199.11 on Tuesday. The Nifty gained 91.85 points or 0.39% to 23,707.90.

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