The Sensex ended 27 points lower at 34,842 while the Nifty ended 16 points lower to settle at 10,289
Indian stocks swung between gains and losses on Thursday after the International Monetary Fund (IMF) slashed its growth outlook for the country and forecast a deeper global recession. However, gains in consumer and financial stocks offset the losses.
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The Sensex ended 27 points lower at 34,842 while the Nifty ended 16 points lower to settle at 10,289. Meanwhile, the Nifty Midcap and Nifty Smallcap indices also rose 0.9 percent and 0.6 percent, respectively.
The IMF on Wednesday evening predicted the Indian economy would contract by 4.5 percent in 2020. It also expects global output to shrink 4.9 percent this year, a sharper fall than the 3 percent contraction predicted in April.
ITC, Hero Moto, Kotak Bank, Bajaj Finance, and GAIL were the top gainers while Asian Paints, Hindalco, IOC, Eicher Motors, and HCL Tech led the losses.
Sectors were trading mixed during the day with Nifty FMCG and Nifty Pharma rising the most, up 2 percent and 0.8 percent, respectively. Meanwhile, Nifty Bank also rose 0.4 percent. Among losers, Nifty IT and Nifty Realty fell around 1 percent while Nifty Metal shed 0.7 percent for the day.
First Published: IST