Global sell-off, slowing growth drag Sensex 480 pts lower; Nifty ends below 15,750
Published On: Thursday, July 8, 2021 | By: Team KnowMyStock
Mainly due to slowing growth and sinking Dow futures ahead of US market opening benchmark indices ended the day deep in the red today(8th July 2021), dragged by banks and metal stocks. The move was volatile as profit booking near all-time high levels continued. Fitch, meanwhile, cut India’s FY22 GDP growth forecast to 10 percent but sees revival if vaccination is rapid. Anxiety that the spread of Covid-19 variants could upend growth going forward, back-pedaled reflation trades in global markets. The frontline S&P BSE Sensex ended 486 points down at 52,569 levels while the broader Nifty50 defended the psychological zone of 15,700 to end at 15,728 level, down 152 points. The BSE MidCap and BSE SmallCap indices slipped 0.37 percent and 0.09 percent in the broader markets, respectively.
Sectorally, all but IT index closed in the red with the Nifty Metal and PSU Bank indices leading the list of losers, down over 2 per cent each, followed by the Nifty Bank index, down 1.4 per cent. The Nifty IT index was up 0.05 per cent.
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