Share Market LIVE: Sensex, Nifty may open in green; Credit Suisse cuts India’s nominal growth forecast

Global cues were positive after Wall Street equity indices closed with gains.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets closed in the red for the second day straight on Thursday. On yesterday’s closing bell, S&P BSE Sensex was at 49,564 while the Nifty 50 ended at 14,906. Entering the last trading session of the week, SGX Nifty was trading with gains, sitting more than 100 points higher. Global cues were positive after Wall Street equity indices closed with gains. NASDAQ was up 1.77%, followed by S&P 500’s 1.06% jump, while Dow Jones gained 0.56%. Asian peers were mirroring the up-move, with Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ surging higher.

In the aftermath of the second wave of the covid-19 pandemic, gauging its impact on the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14% but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections. “Our macro strategy team expects the overall impact on the pandemic restrictions on GDP to be about 150 bps in base case scenario. Even if we assume a 300 bps impact if statewide restrictions prolonged, nominal GDP growth in FY22 can still be around 13-14 per cent,” Jitendra Gohil and Premal Kamdar, equity analysts at Credit Suisse Wealth Management India said in a note on Thursday.

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