Sensex and Nifty Close in the Red Amid Sectoral Variation

Sensex and Nifty Close in the Red Amid Sectoral Variation

VoM News Desk | January 25, 2024 | 04:37 PM IST | Breaking News | Follow on Google News

Sensex and Nifty Close in the Red Amid Sectoral Variation/PTI

Sensex and Nifty Close in the Red Amid Sectoral Variation

Benchmark indices closed lower on Thursday, with IT, Pharma, Healthcare, and FMCG sectors witnessing the most significant losses. In contrast, Realty, Auto, Media, and Metal sectors finished the day in positive territory.

Global Markets and European Central Bank’s Influence

Sensex concluded the day down 359.64 points at 70,700.67, while Nifty was down 101.35 points at 21,352.60. European stocks remained stable amid a busy day for earnings and ahead of the European Central Bank’s meeting, which is expected to provide insights into interest rate directions. Stoxx Europe 600 slipped 0.1%, with the chemicals and energy sectors gaining, while banks and real estate lagged.

Asian Markets React to Beijing’s Stimulus

Asian shares experienced fluctuations as the initial enthusiasm surrounding Beijing’s stimulus subsided. Hong Kong and mainland China equities swung between gains and losses, while US-listed Chinese companies advanced after the People’s Bank of China announced a cut in the reserve requirement ratio for banks. South Korea and Japan witnessed a slip in shares.

US Economic Data and Federal Reserve Expectations

US equity futures steadied, with the Nasdaq 100 advancing for the fifth consecutive day. Investors in the US are closely watching economic data, including gross domestic product figures, to assess the potential timing of Federal Reserve interest rate cuts. Business activity expanding in January, as revealed in Wednesday’s data, is viewed positively for stocks.

Oil Trades Near One-Month High on Inventory Drop and Chinese Stimulus

Oil prices advanced, reaching near a one-month high, following a more substantial than expected drop in US crude inventories. Additionally, China’s announcement of plans for more stimulus contributed to the positive momentum in the oil market.

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