Tuesday was a very important day for the stock market of India. Sensex and Nifty reached an all-time high in the opening trade on the second trading day of the week. However, in the last hour of trading, it lost a record lead and the Sensex-Nifty closed on the red mark. In the initial trade, the SENSEX was at an all-time high of 41 thousand 120 points.
Later in the afternoon, Ratings and Research, the GDP data rating agency India had an impact on the stock market. Ratings and Research India has reduced the GDP growth estimate. According to Fitch Group’s India Ratings and Richers, the GDP growth rate for the quarter between July and September is estimated to be 4.7 percent.
This is the fourth consecutive time GDP growth estimates ratings of India have been lowered. The agency has reduced India’s GDP growth estimate to 5.6 percent for this fiscal year. India ratings stated, “Despite the favorable comparative impact, the decline in the pace of growth indicates that the economic growth rate in the second half of 2019-20 may be weaker than earlier estimates and is expected to be 6.2 percent.”