Indian stocks traded in the green on Wednesday morning, after three straight sessions of losses, mostly as a result of value buying by investors.
On Wednesday at 9.44 am, the Sensex traded at 281.13 points, or 0.49 percent, and the Nifty was up 80.25 points, or 0.47 percent, at 17,063.80 points. The Nifty 50 equities saw a total of 41 declines and 9 advances this morning, according to statistics from the National Stock Exchange. There is a relative decline in global crude oil prices too may have lent support to the equities.
Investors may be concerned since the International Monetary Fund (IMF) forecasted 6.8 per cent growth in 2022, a 0.6 percentage point decrease from the July prediction. It reflects a weaker-than-expected second-quarter outturn and more muted external demand.
India’s GDP growth forecast
The International Monetary Fund (IMF) on Tuesday lowered India’s GDP growth forecast for the current year by 60 basis points to 6.8 per cent.
The IMF’s latest projection on India’s GDP growth is lower than the 7 per cent growth pegged by the Reserve Bank of India (RBI) for the financial year 2022-23.
For fresh cues, stock market investors will closely monitor September inflation data in the US, scheduled for release Thursday.