Equity indices in red on weak IMF outlook, global cues

The key Indian equity indices traded in the negative territory on Thursday morning tracking a similar trend in the global markets.

Stocks were weighed down after the International Monetary Fund (IMF) revised the global and Indian economic outlook on Wednesday.

COVID-19 battered India’s economy is projected to contract by 4.5 per cent this fiscal, said IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF’s April forecast.

The indices, however, pared major losses after a gap-up opening.

At 10.25 a.m., Sensex was trading at 34,802.22, lower by 66.76 or 0.19 per cent from the previous close of 34,868.98. It opened at 34,525.39 and has touched an intra-day high of 34,828.58 and a low of 34,499.78.

The Nifty50 on the National Stock Exchange was trading lower by 10,293.80, lower by 11.50 points or 0.11 per cent.

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