Equity Markets closed with modest gains; Sensex rises 0.79% & Nifty 50 ends above 14,400

After a gap-down opening, the domestic equity markets closed in the green on Thursday, April 22, 2021, amid positive global cues. The S&P BSE Sensex rose 374.87 points, or 0.79 per cent, to close at 47,880.67. The Nifty 50 at National Stock also gained 109.75 points, or 0.77 per cent, to settle at 14,406.15. The Nifty Bank index gained 669.90 points, or 2.15 per cent, to end at 31,782.60.

The broader markets, however, underperformed at the bourses with the S&P BSE MidCap and SmallCap indices closing 0.28 per cent and 0.59 per cent higher, respectively.

The market breadth was positive. On the BSE, 1768 shares rose and 1153 shares fell. On the Nifty 50 index, 27 shares advanced and 23 shares declined. The top five gainers on Nifty 50 were Wipro (up 3.49 per cent), ICICI Bank (up 3.45 per cent), Tata Steel (up 3.19 per cent), JSW Steel (up 2.97 per cent) and HDFC (up 2.57 per cent). The top five losers were Shree Cement (down 2.77 per cent), Titan (down 2.70 per cent), Tata Consumers (down 1.92 per cent), Hindustan Unilever (down 1.88 per cent) and Nestle India (down 1.79 per cent).

COVID-19 Updates

Total Covid-19 confirmed cases worldwide were at 14,38,63,870 with 30,58,640 deaths. India reported 22,91,428 active cases of Covid-19 infection and 1,84,657 deaths while 1,34,54,880 patients have been discharged, data showed.

The Maharashtra government on Wednesday imposed additional restrictions on travel within the state and the city, and a further reduction in attendance in government offices and such private offices that fall under the essential or exempted category.

India's GDP growth forecast by rating agencies

With economic activity getting affected across the country due to curbs imposed by states amid a surge in Covid-19 cases, Care Ratings has revised down its forecast for GDP growth to 10.2 per cent in 2021-22 from an earlier projection of 10.7-10.9 per cent. This is the third revision by the rating agency in the last one month.

ICRA on Tuesday cut its 2021-22 growth estimate by 0.5 per cent on the upper end, as a newer spate of lockdowns and restrictions get imposed in pockets to arrest the rising Covid-19 cases. The agency now expects the economy to grow 10-10.5 per cent in 2021-22, against the 10-11 per cent estimated earlier.

Monetary Policy Announcement by European Central Bank

The European Central Bank is scheduled to deliver its latest monetary policy announcement today, although no major shifts are expected.