The stock market took a breather today as domestic equity benchmarks Sensex and Nifty 50 snapped their three-day gaining streak on Tuesday, April 2. The Sensex dropped by 110 points, dragged down by profit-taking in select private bank and auto shares amid weak global cues and foreign fund outflows.
However, India’s manufacturing sector saw a significant boost in March, reaching a 16-year high due to strong increases in output and new orders. This was attributed to buoyant demand conditions, according to a monthly survey.
In Asian markets, Shanghai settled lower while Tokyo, Seoul, and Hong Kong ended in positive territory. European markets were mostly trading in the green, while Wall Street closed mostly lower on Monday.
Vinod Nair, Head of Research at Geojit Financial Services, commented on the market’s performance, stating that factors such as a rising dollar, increasing US bond yields, and a notable uptick in crude oil prices dampened investor sentiment. Despite this, mid and small-cap stocks continued their recovery rally, with investors eagerly awaiting guidance from the upcoming RBI monetary policy announcement for insight into the near-term market direction.
Overall, the stock market today saw a mix of ups and downs, with investors closely monitoring global cues and economic indicators for future market trends. Stay tuned for more updates on Live Mint for the latest business news, market updates, and breaking news events.
