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Sensex tumbles 441 points; Nifty ends at 14,938
Key markets indices eke out thin gains in choppy session
Benchmark domestic stocks on Friday, March 5, 2021, declined around 0.9 per cent in sync with negative global cues.
Benchmark domestic stocks on Friday, March 5, 2021, declined around 0.9 per cent in sync with negative global cues. The S&P BSE Sensex closed 440.76 points, or 0.87 per cent, down at 50,405.32 and the NSE Nifty slipped 142.65 points, or 0.95 per cent, to finish at 14,938.10. The Nifty Bank fell 574.35 points, or 1.6 per cent, to close at 35,228.15.
The broader market at BSE also plunged underperforming the Sensex. The Mid-Cap index ended 1.89 per cent down while the Small-Cap index fell 1.5 per cent.
The market breadth was weak. On the BSE, 1083 shares rose and 1904 shares fell. On the Nifty 50 index, 12 shares advanced and 38 shares declined. The top five gainers on Nifty 50 were ONGC (up 2.40 per cent), GAIL (up 1.77 per cent), Maruti (up 67 per cent), Kotak Bank (up 1.18 per cent) and Hero MotoCorp (up 1.17 per cent). The top five losers on the index were IndusInd Bank (down 4.48 per cent), Wipro (down 3.83 per cent), Tata Motors (down 3.76 per cent), UPL (down 3.60 per cent) and Hindalco (2.99 per cent).
COVID-19 Update
Total Covid-19 confirmed cases worldwide were at 115,597,805 with 25,69,011 deaths. India reported 176,319 active cases of Covid-19 infection and 157,548 deaths while 1,08,39,894 patients have been discharged, data showed.
2021 Economic Growth Target of China
The Chinese government has set its 2021 economic growth target at more than 6 per cent, Premier Li Keqiang said in his annual work report on Friday at the opening of this year's meeting of parliament. China did not set a GDP target last year due to uncertainties arising from the pandemic. The government has set its 2021 target for consumer price inflation at around 3 per cent and its budget deficit goal of around 3.2 per cent of GDP, Mr Li said.
US Economy
On Thursday, US Fed Chair Jerome Powell said the economic reopening could "create some upward pressure on prices." He said he expects the central bank to be "patient" in terms of acting on policy, even if the economy sees "transitory increases in inflation." He noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions. The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54 per cent after Mr Powell's remarks. OPEC and its allies agreed to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan.
