Stock market today: Indian stock market benchmarks the Sensex and the Nifty 50 ended lower after hitting their fresh record high on Tuesday, April 9, amid weak global cues.
Investors turned to profit booking at higher levels as they await the US inflation numbers on Wednesday. The expectations of Fed rate cuts have been weakening in light of recent strong macro data and sticky inflation in the US.
Moreover, investors’ focus is on the March quarter earnings also which will trigger stock and sector-specific moves in the market.
The domestic market mirrored cautious global sentiment. Major European markets were in the red when the Sensex closed as concerns persisted that there may be no material decline in the US inflation prints. The US inflation numbers will influence market expectations on Fed rate cuts. Meanwhile, the Fed has been giving mixed signals on rate cuts. Nevertheless, a majority of analysts believe the US central bank may start reducing rates in the later part of the year.
Sensex opened the day at 75,124.28 against its previous close of 74,742.50 and hit its fresh record high of 75,124.28 during the session. However, it erased all gain and ended the day 59 points, or 0.08 per cent, lower at 74,683.70.
The Nifty 50 opened at 22,765.10 against the previous close of 22,666.30 and touched its fresh record high of 22,768.40 before ending 24 points, or 0.10 per cent, lower at 22,642.75.
(More to come)
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 09 Apr 2024, 03:30 PM IST
