Sensex, Nifty Slip As IMF Again Slashes GDP Forecast

The IMF cut its forecast for India’s GDP growth, which fell at its steepest pace of 23.9% in the June quarter. It now expects Asia’s third-largest economy to contract 10.3% for the fiscal year compared with its June prediction of a 4.5% drop.

Meanwhile, global market sentiment was dampened after J&J’s COVID-19 vaccine trials were halted because of an unexplained illness in a study participant.