New Delhi, March 11 (IANS) Continued selloff in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently at an overbought level, Vinod Nair, Head of Research at Geojit Financial Services, said on Monday. While the Nifty 50 closed at 22,332.65 on Monday, down 160.90 points or 0.72 per cent, the Sensex ended at 73,502.64, down 616.75 points or 0.83 per cent. The stronger-than-expected US nonfarm payroll data and caution ahead of the release of US inflation data on Tuesday kept the investors on edge, Nair said. The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe-haven assets such as gold, he added.

Source: Indian Express March 11, 2024 12:15 UTC