Investors turned to profit-booking on Friday as weak growth concerns dampened sentiment at D-Street. Financials slipped the most on the index. On Thursday, the Reserve Bank of India (RBI) sharply lowered its gross domestic product (GDP) growth forecast for financial year 2019-20 (FY20) further by 110bps to 5 per cent from 6.1 per cent on substantially weaker growth in Q2FY20, and incremental data on Q3which suggests that the slowdown is still persisting. All the sectoral indices ended the day in the red. Nifty PSU Bank index was the top loser, down over 4 per cent. In the broader market, mid-caps tumbled the most.
Nifty Chart
Nifty Outlook
On the NSE, the Nifty50 slipped below the 11,900-mark in the intra-day trade to hit a low of 11,888.85. At close, the index was at 11,921.5 level, down 97 points, or -0.81 per cent. Nifty Support : 11870 and 11800 Resistance : 11990 and 12060.
