After witnessing a strong rally in the previous session, Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in deep red, as the Lok Sabha election results unsettled investors on the Street. Index made a gap-down opening, as Election Commission of India (ECI) began counting of votes at 8 AM. Some cautiousness came in as S&P Global Market Intelligence asserts that weak private consumption in India remains the largest concern, with rural demand in particular still straggling to catch up, at a time when the country's overall growth remains strong. For the second consecutive quarter, India's real GDP growth exceeded most forecasts, bringing the full financial year 2023-24 growth to 8.2 per cent.
In afternoon session, index slipped near day’s low point. Adding worries among traders, credit rating agency India Ratings and Research (Ind-Ra) in its latest report has predicted that FY24 was a bittersweet year for the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), with the average resolution time jumping to a four-year high and the recovery levels at their lowest for corporate debtors (CDs) and financial creditors (FCs) in the past four years. In last leg of trade, index came off from day’s low point but ended in red with losses of 1,379.40 points.
