Indian stock indices fell today as investor worries about high valuations weighed on the market. The Sensex closed down 454 points, dragged down by declines in IT, financial, and auto stocks.
Here are some of the key highlights from today’s trading session:
- Market Worries: Investors remain concerned about high valuations in the Indian stock market, leading to some profit-taking.
- Sectoral Performance: IT stocks like Infosys and Wipro were major losers, reflecting recent weakness in the technology sector globally. Financial and auto stocks also faced selling pressure.
- Global Cues: Asian markets were mostly mixed after Wall Street closed with a modest decline on Friday. Inflationary jitters continue to be a concern for investors globally.
- Positive News: Foreign portfolio investors (FPIs) may get some relief as the SEBI board approved easing additional disclosure norms for them.
Other Interesting Developments:
- US Probe on Adani Group: The US is reportedly investigating Indian billionaire Gautam Adani and his group over potential bribery. This news could impact Adani Group companies’ stock prices in the coming days.
- Muthoot Microfin Expands: Muthoot Microfin announced its entry into the Telangana market, which could be a positive for the company’s future growth.
Overall, it was a negative day for the Indian stock market. Investors should watch out for further developments regarding inflation, global markets, and the Adani Group investigation.
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