Nifty Index Falls Below 24,450 Amid Global Uncertainty; FMCG Stocks Surge
Nifty tumbles below 24,450 mark; FMCG shares rally for
Business Standard
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The Nifty 50 index dropped 162.30 points to close at 24,413.25, influenced by global tensions and rising crude oil prices. Despite the downturn, FMCG shares saw a rally, with the Nifty FMCG index rising 0.85%. Moody's has also lowered India's GDP growth forecast for FY27 to 6%.
- 01Nifty 50 index fell to 24,413.25, down 0.66%.
- 02FMCG sector showed resilience with a 0.85% increase.
- 03Moody's revised India's FY27 GDP growth forecast to 6%.
- 04Crude oil prices reached $100 per barrel, impacting market sentiment.
- 05Market breadth remained positive with more gainers than losers.
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In mid-afternoon trading, the Nifty 50 index fell 162.30 points or 0.66% to 24,413.25, primarily due to global uncertainties following Donald Trump's announcement regarding the ceasefire in the West Asia conflict. Crude oil prices surged to $100 per barrel, raising concerns among investors. The S&P BSE Sensex also declined, dropping 664.82 points or 0.86% to 78,592.66. Despite the overall market downturn, the Nifty FMCG index experienced a rally, increasing by 0.85% to 51,252.85, driven by strong performances from companies like Emami and Tata Consumer Products. Additionally, Moody's has downgraded India's GDP growth forecast for FY27 from 6.8% to 6%, citing weak consumption and rising energy costs as contributing factors. In the broader market, the BSE 150 MidCap Index rose 0.33%, while the BSE 250 SmallCap Index jumped 0.87%, indicating a positive market breadth with 2,382 shares advancing against 1,790 shares declining.
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The decline in the Nifty index and the rising crude oil prices could lead to increased inflation and higher costs for consumers, affecting their purchasing power.
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