Domestic markets close with modest losses; Sensex drops 283 points & Nifty ends at 15,687

Domestic equity markets reversed the early gains and closed near the day's low with modest losses of around a half per cent on Wednesday, June 23, 2021. The S&P BSE Sensex dropped 282.63 points or 0.54 per cent to close at 52,306.08. The Nifty 50 index dropped 85.80 points or 0.54 per cent to 15,686.95. The Nifty Bank lost 171 points or 0.49 per cent to settle at 34,574.

In the broader market at BSE, the S&P BSE MidCap closed 0.26 per cent lower and S&P BSE SmallCap declined 0.43 per cent.

The market breadth turned negative in late trade. On the BSE, 1,539 shares rose and 1,693 shares fell. On the Nifty 50 index on NSE, 16 shares advanced and 34 shares declined. The top five gainers on Nifty were Maruti (up 2.29 per cent), Titan (up 1.48 per cent), Bajaj Finserv (up 1.29 per cent), Mahindra & Mahindra (up 1.01 per cent) and ONGC (up 0.98 per cent). The top five losers were Adani Ports (down 3.28 per cent), Wipro (down 2.89 per cent), Divis Laboratories (down 1.49 per cent), Shree Cement (down 1.42 per cent) and JSW Steel (down 1.41 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 17,91,64,193 with 38,82,531 deaths. India reported 6,43,194 active cases of COVID-19 infection and 3,90,660 deaths while 2,89,94,855 patients have been discharged, data showed.

Moody's Growth Projection for India

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for the 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to the June quarter. In its latest report, Moody's said high-frequency economic indicators show that the second wave of COVID-19 infections hit India's economy in April and May. With states now easing restrictions, economic activity in May is likely to signify the trough. 

Bank of Japan's April Monetary Policy Meeting

Minutes from the Bank of Japan's April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a "faster than expected" pace of recovery for Japan and other countries. Japan's factory activity expanded at the slowest pace in four months in June. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output.