Sensex Falls 0.85%, Nifty Closes Below 19,400 Amid Global Sell-Off

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Sensex Falls 0.85%, Nifty Closes Below 19,400 Amid Global Sell-Off

The Indian stock market closed lower on July 8, 2023, tracking losses in global markets. The 30-share BSE Sensex fell 0.85% to close at 65,280.45, while the Nifty 50 index declined 0.85% to 19,331.80.

The sell-off was broad-based, with all 19 sectors in the Sensex closing in the red. The biggest losers were the IT (-2.23%), FMCG (-1.89%), and banking (-1.77%) sectors.

Global markets were also under pressure, with European stocks closing lower and US stock futures pointing to a weak opening. Investors are concerned about the impact of rising inflation and interest rates on global economic growth.

The Sensex is now down about 1.5% from its all-time high of 66,877.23, which it touched on June 10, 2023.

Here are some other interesting facts about today’s market:

  • The Nifty Bank index fell 1.77% to 44,925.00.
  • The Nifty IT index declined 2.23% to 29,560.50.
  • The top gainers on the Sensex were Tata Steel (+1.26%), Reliance Industries (+0.84%), and HDFC (+0.78%).
  • The top losers on the Sensex were Infosys (-3.02%), Hindustan Unilever (-2.88%), and TCS (-2.65%).

What’s next for the stock market?

It’s too early to say what the next few days will hold for the stock market. However, investors will be closely watching the global economic situation and the trajectory of inflation and interest rates. If these factors continue to weigh on investor sentiment, the stock market could see further declines in the near term.

Conclusion

The Indian stock market closed lower on July 8, 2023, tracking losses in global markets. Investors are concerned about the impact of rising inflation and interest rates on global economic growth. The Sensex is now down about 1.5% from its all-time high. It’s too early to say what the next few days will hold for the stock market, but investors will be closely watching the global economic situation and the trajectory of inflation and interest rates.

Sensex snaps 5-day losing streak on value-buying; Nifty closes near 17,000 level

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