Domestic Indices Continue To Struggle

The likelihood of a recession in the US is relatively high. While, the Euro Zone is bleeding from a historic energy crisis. Global stock markets have been influenced by this pessimistic macroeconomic environment.

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Nifty 50 and the S and P BSE Sensex have declined by about 3 per cent each during the past two weeks. On September 30, the Nifty 50 index closed at 17,094 points while the Sensex closed at 57,426 points. The mid-cap and small-cap indices likewise experienced a similar decline, falling 2.39 per cent and 2.60 per cent each to 28,452 and 24,85,3 respectively. The central bank has lowered the FY23 GDP growth forecast to 7 per cent from the earlier 7.2 per cent. The automotive index also has seen a drop of 2.58 per cent in the past 15 days to reach 29,177 levels. Amidst the supply chain and chip shortage challenges in the industry, the brands have still maintained their product offerings and continue to deliver.