Equity Markets closed losses; Sensex closes 587 points lower, Nifty at 15,752

Equity indices ended with sharp losses amid negative global cues on Monday, July 19, 2021. The S&P BSE Sensex dropped 586.66 points or 1.10 per cent at 52,553.14. The Nifty 50 index slipped 171 points or 1.07 per cent to close at 15,752.40. The Nifty Bank index fell 672.60 points or 1.88 per cent to close at 35,079.20.

In the broader markets, the BSE MidCap fell 0.58 per cent and SmallCap indices dropped 0.31 per cent.

Buyers outpaced sellers. On the BSE, 1,772 shares rose and 1,550 shares fell. On the Nifty 50 index at NSE, 11 shares advanced and 39 shares declined. The top five gainers on Nifty were NTPC (up 2.02 per cent), BPCL (up 1.56 per cent), Divi's Laboratories (up 1 per cent), Nestle India (up 0.60 per cent) and Tata Consumers (up 0.42 per cent). The top five losers on the index were HDFC Bank (down 3.28 per cent), IndusInd Bank (down 2.81 per cent), HDFC Life (down 2.74 per cent), Axis Bank (down 2.22 per cent) and HDFC (down 2.14 per cent).

COVID-19 update

Total COVID-19 confirmed cases worldwide were at 19,04,27,673 with 40,89,053 deaths. India reported 4,21,665 active cases of COVID-19 infection and 4,14,108 deaths while 3,03,08,456 patients have been discharged, data showed.

Economy

Chief Economic Advisor Krishnamurthy Subramanian reportedly said on Friday the country's economy will start witnessing a growth of 6.5-7 per cent from FY23 onwards, helped by various reforms undertaken by the government so far and also as the COVID-19 vaccination drive progresses. Both Houses of Parliament were adjourned on Monday following protests by the Opposition parties. The uproar happened when Prime Minister Modi was introducing the new ministers.

A preliminary reading of the University of Michigan's index of consumer sentiment fell to 80.8 in July from a final reading of 85.5 in June, notching the measure's lowest level since February. Separately, the US Commerce Department released a report showing retail sales climbed by 0.6 per cent in June after plunging by a revised 1.7 per cent in May. Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales jumped by an even stronger 1.3 per cent in June following a revised 0.9 per cent decline in May. Japan's wholesale prices rose 5.1 per cent in May from a year earlier, their fastest pace since 2008, fuelled by rising commodity costs.