Categories: Business

Stock market fall as RBI predicts negative growth in FY21

Photo: GOOGLE

Stock market today

new Delhi. The market's growth, which has been going on for the last 3 days, once again came to an end. The market declined due to speculation about the economy by the Reserve Bank. The RBI governor today estimated that the growth rate could remain negative in the current financial year. In today's trade, the Sensex has fallen by 260 points to 30673 and the Nifty has fallen by 67 points to 9039. Banking and financial services companies suffered the most.

The stock market was witnessing a decline from the beginning due to foreign signals. The decline further widened after the Reserve Bank's statement on the economy. However, with the expectation of a reduction in the repo rate and a gradual improvement in demand, the decline in key indices was limited by buying in auto sector giants and a strong IT sector.

18 stocks included in the Sensex closed down today. Among the rising stocks, Mahindra & Mahindra gained 4.3 per cent, Infosys 3 per cent, Asian Paints 2,6 per cent and Maruti 1.6 per cent. At the same time, Axis Bank, which was among the biggest losers, closed down 5.32 per cent, HDFC 5 per cent and Bajaj Finance by 4.5 per cent.

The biggest decline in today's business has been seen in the financial services and banking sector. The financial services sector index closed down 3.06 percent and the banking sector index fell 2,57 percent. The metal sector index declined by 1.86 percent. The realty sector index closed down over 1 per cent.

On the other hand IT sector index closed up 1.43 per cent, Pharma sector index by 0.8 per cent and Auto sector by 0.3 per cent.

This post was published on May 22, 2020 4:56 pm

Content Team

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