The equity markets slumped on Friday snapping their four-day winning streak after the government revised downwards its FY16 growth projection to 7-7.5 per cent from an earlier estimates of 8.1-8.5 per
The equity markets slumped on Friday snapping their four-day winning streak after the government revised downwards its FY16 growth projection to 7-7.5 per cent from an earlier estimates of 8.1-8.5 per cent.
Market participants also added that continued weakness in global commodity prices has also raised concerns regarding the global growth prospects.
The Sensex fell 284.56 points to end the session at 25,519.22 while the Nifty lost 82.40 points to end the day at 7,761.95.
According to experts, investor sentiment continues to remain nervous in the absence of any positive developme-nts on the domestic side due to which traders are selling at every rise.
Meanwhile, the rupee extended its gain for the fourth consecutive day. The rupee gained 3 paise against the dollar to close the day at 66.39 per dollar as against its previous sessions close of 66.42.
“The domestic factors are not favouring the markets right now. The downward revision of FY16 growth forecast and continuing deadlock in the Parliament impac-ted investors sentiment. Cautious traders are booking profit at every rise and are also creating fresh short positions at higher levels,” said Udaya Narayan Dubey, vice-president, institutional desk at R.K. Global.
