Due to persistent selling pressure from foreign institutional investors, benchmark stock market indices declined on Thursday. This is due to their concern over the potential of a global high-interest rate environment lasting for an extended period of time.
As of 9:36 am, the S&P BSE Sensex was down 0.42 percent at 59,159.40, while the NSE Nifty 50 was down 0.42 percent at 17,378.55. Due to a minor increase in volatility, broader market indices were mixed.
Nifty IT, which fell 1.38 percent, was the worst-performing sector index. Nifty FMCG and Nifty Auto were two more industries that had difficulty. Nifty Realty was the only sector index that gained ground.
Coal India, Hero MotoCorp, Bajaj Finserv, BPCL, and Adani Enterprises were the biggest gainers on the Nifty 50 index. TCS, Infosys, Axis Bank, Tech Mahindra, and Bharti Airtel had the largest declines on the 50-share index.
On Wednesday, benchmark indexes ended an eight-day losing streak, but analysts cautioned the rebound did not guarantee a significant shift in market attitude in the coming weeks. Several market analysts believe that yesterday’s surge lacked fundamental support regions, which are deemed necessary for any rally to last.
As things stand, markets are expected to continue declining owing to a variety of variables. The potential for additional rate rises, weaker global growth, and continued selling by foreign institutional investors are some of the issues that have kept Dalal Street on edge.
These three variables have had a substantial influence on market sentiment over the last month, resulting in the benchmark indexes’ worst losing run in four years.
While yesterday’s rebound was a welcome shift for ordinary investors, the global economic slowdown’s influence on the local stock market appears to be far from gone.