Daily market review India

Indian equity benchmarks, the Sensex and Nifty, closed lower on Thursday due to heavy selling pressure, ending close to their intraday lows, as concerns over an extended high-interest rate regime affected market sentiment. The markets turned negative after India Ratings projected only 4% GDP growth for India for Q4 and predicted lower growth numbers for the full year. Weak trade persisted throughout the day, with negative global cues, and the Indian banking sector saw growth in loans to the industry stagnate, which lowered sentiments further. On the global front, European and Asian markets traded lower. The BSE Sensex fell by 0.9% to 59,806.28, and the CNX Nifty dropped by 0.93% to 17,589.60. Meanwhile, the Finance Ministry hosted virtual discussions on the six chosen subjects as part of a post-Budget Webinar, with breakout sessions on various themes, such as creating growth opportunities in the International Financial Services Centre and facilitating seamless credit flow for MSMEs.