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Market Update: India Stocks Snap 3-Day Winning Run
The S&P BSE Sensex dropped more than 280 points or 0.5% to close at 52,306 on Wednesday, snapping a three-day winning streak, led by losses in heavyweight financial firms. Moody’s Investors Service cut India’s 2021 growth forecast to 9.6%, from its earlier estimate of 13.9%, saying that faster vaccination progress will be paramount in restricting economic losses to June quarter. Meanwhile, conglomerate Reliance Industries fell 0.9% ahead of its annual general meeting on Thursday. Meanwhile, Maruti Suzuki rose 2.3% and Hero MotoCorp added as much as 3% after it said it would increase the prices of its motorcycles and scooters from July 1 as demand continues to recover. [/s2If]
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