Benchmark indices ended with modest losses; Sensex closed 264 points down & Nifty 50 fell 0.38%
Snapping its 10-day rising streak, the domestic stock markets closed with modest losses amid mixed global cues on Wednesday, January 6, 2021.
Snapping its 10-day rising streak, the domestic stock markets closed with modest losses amid mixed global cues on Wednesday, January 6, 2021. The BSE Sensex closed 263.72 points or 0.54 per cent down at 48,174.06. The Nifty 50 fell 53.25 points or 0.38 per cent to trade at 14,146.25. However, Nifty Bank gained 75.65 points or 0.24 per cent to settle at 31,797.90.
The broader market performed in-line with the frontline indices. The BSE MidCap index ended 0.39 per cent higher while the BSE SmallCap index closed the lower by 0.14 per cent.
The market breadth was almost even. On the BSE, 1,535 shares rose and 1,567 shares fell. On the Nifty 50 index, 23 stocks advanced and 27 stocks declined. The top five gainers on Nifty 50 were Power Grid (up 4.39 per cent), Hindalco (up 3.68 per cent), GAIL (up 3.56 per cent), Shree Cement (up 3.20 per cent) and Bharti Airtel (up 2.77 per cent). The top five lowers were ITC (down 2.98 per cent), Reliance (down 2.60 per cent), Axis Bank (down 1.90 per cent), Bajaj Finance (down 1.89 per cent) and HCL Tech (down 1.66 per cent).
Total COVID-19 confirmed cases worldwide were at 8,64,12,620 with 18,69,153 deaths. India reported 2,27,546 active cases of COVID-19 infection and 1,50,114 deaths while 99,97,272 patients have been discharged, data showed.
India Services Business Activity Index
The seasonally adjusted India Services Business Activity Index came at 52.3 in December 2020. The index highlighted output growth for the third month in a row but with the fall from 53.7 in November, the latest figure pointed to the slowest pace of expansion over the aforementioned sequence.
Word Bank on Indian economy
The World Bank on Tuesday said India's economy is estimated to contract by 9.6 per cent in FY21, reflecting a sharp drop in household spending and private investment while growth is expected to recover to 5.4 per cent in 2021.
Services sector activity in China
A private survey showed services sector activity in China expanding at a slower pace in December, with the Caixin/Markit services Purchasing Managers' Index coming in at 56.3. That compared against November's reading of 57.8.
US economic data
In US economic data, the Institute for Supply Management said its manufacturing index rose to 60.7 in December its highest level since August 2018 from 57.5 in November. Two key elections in Georgia are expected to determine whether Republicans can hold on to control in the Senate. Many fear that increased tax rates and more progressive policies could weigh on the market if Democrats gain control of the Senate.