Stock market today: Sensex, Nifty 50 snap 5-day winning streak; mid, smallcaps outperform

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50 snapped their five-day winning streak on Friday, April 26, amid mixed global cues.

Key indices suffered significant losses on Friday led by mounting concerns over lofty valuation amid unimpressive March quarter earnings. Moreover, mixed global cues amid lingering concerns over global economic uncertainty, geopolitical tensions and higher interest rates weighed on sentiment.

In the January-March 2024 quarter, the US economy expanded at its slowest pace in two years. The US gross domestic product (GDP) rose by 1.6 per cent between January and March, falling short of the expected 2.4 per cent increase projected by Wall Street. Notably, the US economy grew at an annual rate of 3.4 per cent at the end of 2023. The fresh data has shown a remarkable slowdown in the world’s largest economy.

Growth losing steam amid sticky inflation casts more uncertainty on the short-term interest rate trajectory.

Sensex closed with a loss of 609 points, or 0.82 per cent, at 73,730.16 while the Nifty 50 settled at 22,419.95, down 150 points, or 0.67 per cent.

(More to come)