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Benchmarks end almost flat; Sensex lost 400 points & Nifty 50 fell 0.68%
Key markets indices eke out thin gains in choppy session
Domestic stock markets closed flat after a volatile trade on Wednesday, February 17, 2021, as profit booking gripped dragged indices lower across the globe.
Domestic stock markets closed flat after a volatile trade on Wednesday, February 17, 2021, as profit booking gripped dragged indices lower across the globe. S&P BSE Sensex lost 400.34 points or 0.77 per cent to close at 51,703.83. The Nifty 50 fell 104.55 points or 0.68 per cent to settle at 15,208.90. The Nifty Bank lost 187.45 points or 0.51 per cent to close at 36,910.95.
In the intra-day session, the Sensex and the Nifty indices touched a low of 51,586 and 15,171, respectively.
The broader markets ended higher with the BSE Mid Cap index climbed 0.04 per cent and the BSE Small-Cap index gained 0.53 per cent.
The market breadth turned negative. On the BSE, 1,513 shares rose and 1,448 shares fell. On the Nifty 50 index, 19 shares advanced and 31 shares fell. The top five gainers on Nifty 50 were Hero MotoCorp (up 3.51 per cent), BPCL (up 2.90 per cent), SBI (up 2.75 per cent), Adani Ports (up 2.74 per cent) and Power Grid (up 2.13 per cent). The top five losers were Nestle India (down 3 per cent), Asian Paints (down 2.62 per cent), Maruti (down 2.55 per cent), Bajaj Finserv (down 2.54 per cent) and HDFC Bank (down 2.49 per cent).
COVID-19 Update
Total Covid-19 confirmed cases worldwide were at 10,95,13,903 with 24,19,353 deaths. India reported 1,36,549 active cases of Covid-19 infection and 1,55,913 deaths while 1,06,44,858 patients have been discharged, data showed.
S&P Global Ratings
Rating agency S&P Global Ratings on Tuesday said that India is on track to recover from a pandemic-led economic contraction by next year. India could grow 10% in fiscal 2022, the rating agency predicted in a report. India's fiscal year begins on April 1, 2021, and ends on March 2022 in the following year.
"The Indian economy is on track to recover in fiscal 2022," the report said. "Consistently good agriculture performance, a flattening of the COVID-19 infection curve, and a pickup in government spending are all supporting the economy." The speed with which the Indian economy recovers from the coronavirus crisis will have "important implications" for the country's sovereign credit rating, according to S&P. "This includes the sustainability of the government's strained fiscal position.
