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Sensex drops 354 pts, Nifty ends below 21,800; NSE VIX jumps to 15.62
The domestic equity benchmarks closed lower today following last-hour selling, as investors maintain caution ahead of the Reserve Bank of India's rate-setting meeting this week. The focus remains on potential rate cut cues from the RBI and the impact of corporate earnings on sector-specific movements. In January, foreign institutional investors engaged in net selling due to factors such as a stronger dollar and increasing global bond yields. Additionally, geopolitical uncertainties and the potential effect of US job data on Federal Reserve rate cuts have led to investors securing profits post the interim Budget rally. Pharma, oil & gas, and auto stocks witnessed a surge in demand. On the other hand, consumer durables and FMCG stocks experienced downward pressure.