The markets corrected today with NIFTY 50 down by 1.3% closing at 11,163 and SENSEX closing lower by 1.1% to 37,673. The markets slid after 25 bps of rate cut announced by RBI fell short of expectation.
The global markets were trading marginally in green ahead of US jobs report, which is expected to be weak. The weak data may force the Federal Reserve to cut interest rates further.
Nifty IT Index was up 0.4% as investors rushed for safety. It was the only major index in green today.
Anheuser Busch InBev signs Rs 150 crore agreement with Indian Hotels, stock was up 0.5%.
Bank Nifty closed down by 2.4% as RBI's rate cut fell short of expectation. Considering the distress in the economy the market participants were hoping for a larger rate cut.
Nifty FMCG corrected 1.5% in anticipation of a weak earnings season as lead indicators such as GST collection, PMI data, Auto sales etc indicated towards slowing consumption.