Markets were down today, the Nifty falling 104 points to 11908 and the sensex falling 330 points to 40323. Markets fell as Moodys Investors services outlook changed in India. The global rating agency slashed rating outlook to negative from stable citing increased risks in business growth.
Indian rupees fell a fresh 3month low and bond prices fell on friday.Nomura Research also lowered its GDP growth projections to 4% from 5.7% in 2019 and to 6.0% from 6.9% in 2020. These numbers reflect a weak market, but what is to be seen is, markets have become a day to day affair. So, it has to be seen how markets react in future.
The finance ministry reacting to Moodys statement said, the fundamentals of the Indian Economy remain robust with inflation under check and bond yields low. But, in another observation the opinion is Nifty will shoot past 15000 level if the Government announces cut in income tax, one should consider sticking to a few selective stocks instead of dabbling with many shares. Ayodhya verdict next week, and the fate of Maharashtra politics will have effect on the market movement.Source: Moneycontrol web site.
