New Delhi:
Stock Market Today: Indian stock market opened with slight rise today. In pre-opening, BSE SENSEX saw a rise of 120.34 points at 78,319.45 while NIFTY 50 saw a rise of 38.75 points and opened at 23,746.65. However, after this there was a decline in the market. Sensex and Nifty lost their initial gains and went into the red.
A huge fall was seen in the stock market in afternoon trading. At 12:18 pm, BSE Sensex is trading at 77,591.09 with a huge fall of 608.02 points, which shows a decline of 0.78%. At the same time, Nifty 50 index decreased by 174.65 points and reached 23,533.25, which is a decline of 0.74%.
Investors’ wealth declined by about Rs 3.3 lakh crore
Growing concerns over economic slowdown put pressure on the stock market, leading to a decline in Sensex and Nifty. Due to this widespread selling, according to BSE market capitalization, the wealth of investors decreased by about Rs 3.3 lakh crore.
Around 9.24 am, BSE SENSEX fell by 219.97 points and is trading at 77,979.14, while NIFTY 50 also fell by 59.55 points and is trading at 23,648.35.
Nifty Smallcap and Midcap indices also fell
Nifty Bank fell 117.25 points or 0.23 percent to 50,084.90. At the same time, Nifty Midcap 100 index was trading at 56,405.35, falling 463.95 points or 0.82 percent. Nifty Smallcap 100 index was also trading 105.35 points or 0.56 percent lower at 18,568.10.
A decline is being seen in the stock market due to selling in auto, IT, PSU banks, financial services, FMCG, metal, realty and media sectors.
What is the reason for the decline in the stock market?
The main reason for today’s fall in the stock market is the new data released regarding India’s GDP growth rate, in which the pace of economic growth is expected to be slow. Apart from this, mixed trends are also being seen in the global markets, which are impacting the Indian market.
Investors cautious due to forecast of weakness in GDP growth rate
According to recent government data, India’s GDP growth rate is expected to decline to 6.4% in the financial year 2024-25, which will be the lowest in the last four years. This estimate has been made due to weakness in manufacturing and service sectors. According to National Statistical Office (NSO) data, India’s GDP will grow at a slower pace than the last financial year, when it grew at the rate of 8.2%. If this estimate proves correct, India’s economy will grow at its slowest pace after 2020-21.
However, the Reserve Bank of India (RBI) and the Finance Ministry had projected the GDP growth rate to be slightly higher, between 6.6% and 6.5-7%. In such a situation, there is turmoil in the market and investors seem cautious.
