Market Wrap: Sensex, Nifty falter amid weak global cues; mid, smallcaps outperform
Nifty ended in the red while the second-rung midcap and smallcap indices eked out gains on Tuesday amid weak global cues as China's weak economic data weighed on sentiment. "China's imports contracted by 12.4 per cent in July, far more than forecasts for a 5 per cent drop.
Exports fell by 14.5 per cent, compared with a fall of 12.5 per cent tipped by economists," Reuters reported. Apart from weak Chinese data, Italy's decision to impose a 40 per cent windfall tax on its banks for 2023 and Moody's downgrade of 10 US banks also poured cold water on the risk appetite of investors.
“Moody's cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street and Truist Financial on review for potential downgrades," reported Reuters. Sensex slipped 107 points, or 0.16 per cent, to 65,846.50 while the Nifty ended 26 points, or 0.13 per cent, lower at 19,570.85.
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