Benchmark domestic stocks closed with marginal gains amid positive global cues

Benchmark domestic stocks on Tuesday, February 23, 2021, closed with marginal gains amid positive global cues. The S&P BSE Sensex closed 7.09 points or 0.01 per cent up at 49,751.41 and the Nifty 50 index gained 32.10 points or 0.22 per cent up at 14,707.80. The Nifty Bank closed 140.25 points or 0.4 per cent down at 35,116.95.

The broader market at the BSE also climbed outperforming the Sensex. The BSE Mid-Cap index surged 0.98 per cent while the BSE Small-Cap index appreciated 0.74 per cent.

The market breadth was positive. On the BSE, 1,659 shares rose and 1,271 shares fell. On the Nifty 50 index, 33 shares advanced and 17 declined. The top five gainers on the Nifty 50 index were Tata Steel (up 7.23 per cent), Tata Motors (up 6.60 per cent), Hindalco (up 5.73 per cent), ONGC (up 5.69 per cent) and UPL (up 4.84 per cent). The top five losers were Kotak Bank (down 3.89 per cent), Adani Ports (down 1.75 per cent), Maruti (down 1.57 per cent), Bajaj Auto (down 1.50 per cent) and Divi's Laboratories (down 1.48 per cent).

COVID-19 Update

Total Covid-19 confirmed cases worldwide stood at 11,17,25,784 with 24,74,350 deaths. India reported 1,47,306 active cases of Covid-19 infection and 1,56,463 deaths while 1,07,12,665 patients have been discharged.

UK Unemployment Data

UK unemployment climbed to its highest rate in almost five years in the fourth quarter as the economic toll from the Coronavirus pandemic continued to mount. The number of people looking for work rose 121,000 from the third quarter, taking the jobless rate to 5.1 per cent, the most since early 2016, the Office for National Statistics said Tuesday. The number of people at work fell by 114,000. The figures increase pressure on Prime Minister Boris Johnson to deliver on his pledge to do "whatever it takes" to support workers and business through the pandemic.

Setting out a gradual exit from England's third virus lockdown, Johnson on Monday gave his clearest signal yet that Chancellor Rishi Sunak will use his Budget on March 3 to extend the government support programs due to expire in the coming weeks. Unemployment has been held down by tens of billions of pounds of wage subsidies, which were still supporting almost 4 million jobs at the end of last year following the deepest economic slump in three centuries. Adding time to the furlough programme beyond April 30 could mean that Britain avoids many of the job losses currently predicted by economists.