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Domestic equity markets closed with minor cuts on Monday, March 22, 2021, amid weakness in the global markets.
Domestic equity markets closed with minor cuts on Monday, March 22, 2021, amid weakness in the global markets. The S&P BSE Sensex fell 86.95 points or 0.17 per cent to close at 49,771.29. The Nifty 50 also slipped 7.60 points or 0.05 per cent to 14,736.40. The Nifty Bank lost 558.15 points or 1.63 per cent and settled at 33,603.45.
The broader market ended higher. The BSE Mid-Cap index rose 0.99 per cent and the BSE Small-Cap index gained 0.73 per cent.
The market breadth favoured buyers. On the BSE, 1601 shares rose and 1439 shares fell. On the Nifty 50 index, 30 shares advanced and 20 shares declined. The top five gainers on Nifty were Adani Port (up 5.20 per cent), Tech Mahindra (up 2.57 per cent), Britannia (up 2.55 per cent), TCS (up 2.55 per cent) and Sun Pharma (up 2.24 per cent). The top five losers on the index were IndusInd Bank (down 4.20 per cent), Power Grid (down 3.30 per cent), ICICI Bank (down 2.21 per cent), Tata Motors (down 1.97 per cent) and HDFC Bank (down 1.57 per cent).
COVID-19 update
Total Covid-19 confirmed cases worldwide were at 12,32,15,294 with 27,15,456 deaths. India reported 3,34,646 active cases of Covid-19 infection and 1,59,967 deaths while 1,11,51,468 patients have been discharged, data showed.
Moody's Analytics on India's Economy
Moody's Analytics said that India's economy will grow by 12 per cent in 2021 following a 7.1 per cent contraction last year, as near-term prospects have turned more favourable. A stronger than expected December quarter GDP growth of 0.4 per cent following a 7.5 per cent contraction in the previous three months has turned India's near-term prospects more favourable, it said.
Commerce Ministry Data
Meanwhile, gold imports, fell 3.3 per cent to $26.11 billion during April-February 2020-21 from $27 billion in April-February 2019-20, according to the commerce ministry data. India is the largest importer of gold. India's consumption of petroleum products over the year-earlier fell at the worst pace since August 2020.
US Fed Chairman on the country's economic situation
On Saturday, Fed Chairman Jerome Powell reportedly said that the economic situation in the US is much improved since the COVID-19 pandemic hit, but the recovery is far from complete. The US central banker reiterated that the Fed will continue to provide aid to the US economy 'for as long as it takes.'
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