Sensex Ends 97 Points Lower; Realty & Telecom Stocks Witness Selling

Indian share markets witnessed selling pressure during closing hours to end the day marginally lower. Barring FMCG sectoroil & gas sector and metal sector, all sectoral indices ended in red with stocks in the realty sector and telecom sector witnessing maximum selling pressure.

At the closing bell, the BSE Sensex stood lower by 97 points (down 0.3%) and the NSE Nifty closed down by 27 points (down 0.3%). The BSE Mid Cap index ended the day down by 0.1% while the BSE Small Cap index ended the day down by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.6% and the Shanghai Composite was up by 0.7%. The Nikkei 225 was up 1%.

The rupee was trading at 70.57 against the US$.

In the news from macroeconomic space, the World Bank has projected a gloomy outlook for the global economic growth in the coming years.

In its recently released Global Economic Prospects Report - January 2019, the World Bank reiterated the fears of global slowdown.

As per the report, worries over trade war, weak global growth and financial stress in the developing economies are likely to weigh on global growth outlook.

As per the report, in 2019, the global economic growth is projected to grow by 2.9% compared with earlier estimates of 3% amid softer international trade and manufacturing activities, elevated trade tensions and financial market pressures in some of the emerging market economies.

In 2020 and 2021, the global economic growth has been forecast at 2.8% each year. This is 0.1% point lower than earlier projections.

However, the World Bank expects India to remain the fastest growing emerging market economy.

As per the report, India is expected to remain the fastest growing emerging market economy and its growth forecast has been kept unchanged at 7.3% in FY19 while the economy is expected to grow at 7.5% in the next 3 years.

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