Domestic equity benchmark indices Senex and Nifty finished with losses on Wednesday, 24 July, extending the markets’ losing streak into its fifth day.
The 30-share BSE Sensex lost 135.09 points to close at 37,847.65, while the broader 50-share NSE Nifty finished at 11,271.30, down 59.75 points.
According to experts, IMF's downward revision of India's economic outlook hit domestic investor sentiment.
The IMF on Tuesday projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than expected outlook for domestic demand.
"India's economy is set to grow at 7.0 per cent in 2019, picking up to 7.2 per cent in 2020. The downward revision of 0.3 percentage point for both years reflects a weaker-than expected outlook for domestic demand," the International Monetary Fund (IMF) said in its World Economic Update.
Heavy foreign fund outflow and weak corporate earnings are also pushing the market lower, they said.
Among sectors, all sub-indices finished with losses with Nifty Metal and Nifty Pharma losing 2.37 percent and 1.77 percent respectively.
(With inputs from PTI)
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