Sensex tanks 550 pts, Nifty ends -19,400

 Sensex tanks 550 pts, Nifty ends sub-19,400; Titan, ONGC lag;                                 Bank, Realty sink

Closing Bell: Indian stock market witnessed a significant decline on Thursday, with the Sensex closing below the 65,300 mark and Nifty below 19,400. While Pharma and Media sectors managed to make gains, all other sectors, including the heavyweight Banking sector, finished in the red. The day saw Titan, ONGC, and Bajaj Finserv stocks underperforming, while Adani stocks saw notable upward movement.

Nifty and Sensex Witnessed a Dip, Pharma and Media Sectors Showed Resilience

In today's trading session, both Nifty and Sensex experienced a decline of approximately 0.8%, causing most sectors to close in the red. However, Pharma and Media sectors managed to buck the trend and closed in the green.

Among the Nifty 50 stocks, Titan, ONGC, and Bajaj Finserv were the major underperformers, while Adani stocks and Sun Pharma saw significant gains.

Following the recent downgrade of the United States' credit rating to AA from AAA by Fitch, there have been noteworthy changes in investment ratings. Morgan Stanley has upgraded India to an 'Overweight' rating, indicating a favorable outlook for Indian markets. Conversely, China has been downgraded to an 'Equal-weight' rating.

According to experts, India is likely to attract higher Foreign Portfolio Investor (FPI) inflows compared to other emerging markets in the current global scenario. While it's true that Indian market valuations might appear high in the short term, they are considered fair for long-term investors.

Please note that the stock market is subject to fluctuations and investors should exercise caution while making financial decisions.