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According to a report by India’s Politico on March 15, the Bombay Stock Exchange Sensitive Index (SENSEX) and N Index fell for the first time in a single week after rising for four weeks. Both indices fell about 2% this week, the biggest weekly decline in 20 weeks.
The SENSEX index fell 062% on the day to close at 7264343 points. The N50 index of the National Stock Exchange of India (NSE) fell 0.56% to close at 2202335 points.
The Bombay Stock Exchange (BSE) mid-cap index also closed down 0.51%. However, the BSE Small Cap Index bucked the trend and closed up 0.25%.
On the weekly chart, the benchmark SENSEX index fell 22% for the week and the N index fell 21%. This is the largest weekly decline since October 2023. The BSE mid-cap and small-cap indices fell about 4% and 6% respectively this week.
From an industry perspective, the N-Metal Index and FMCG Index closed flat, while all other industry indices closed down.
The biggest declines were in the oil and gas industry and the automobile industry, with declines of 198% and 157% respectively. The N Bank index fell 0.42%.
As some funds release stress test results, they are confident that their portfolios can cope with volatile market conditions.
In global stock markets, the weakness is believed to be driven by discouraging U.S. economic data and weakening expectations of a Federal Reserve interest rate cut.
Some reports showed that the U.S. industrial producer price index (PPI) exceeded expectations in February. At the same time, the number of people applying for and receiving unemployment benefits was lower than expected. These factors weaken the Fed’s case for interest rates.
Market participants will be closely watching the Fed’s monetary policy stance next week. Most expect the Fed to keep interest rates unchanged and start cutting rates from the end of June or July. (Compiled by Zhu Jie)