The Indian stock market is the worst performing in Asia today. The 50-share Nifty slipped below its support level of 8,000.
The S&P BSE Sensex lost over 400 points in trade, after reclaiming 27,000 levels in early trade today.
Banks, auto, power and technology stocks were under pressure, while the FMCG space showed some resistance.
Delay in progress of monsoon: The concern over sub-normal rainfall is one of the major reasons for fund outflows. Monsoon is a vital factor that will determine the RBI’s future course of action on interest rates. However, its progress is not encouraging.
Rise in crude oil prices: Crude oil prices continue to move higher following a decline in the US inventories since August. Crude oil inventories shrank by 6.8 million barrels in the US last week, the largest drop in almost a year.
Sensex target downgrade: The dismal performance of India Inc in terms of earnings is set to spillover in FY16 as growth will take time to recover. Analysts expect the next two quarters to be tough for companies. Consequently, they are downgrading earnings estimates of benchmark indices.
Real Time News & Trading Trends Keep Liking #EpicResearch
Facebook – Twitter – YouTube – Pinterest –Linkedin – Google+
For more information ✆ – 0731-6642300 or Visit http://www.epicresearch.co
No comments:
Post a Comment