Sensex and Nifty log losses of more than one per cent amid weak cues from global stocks

The domestic stocks markets on Wednesday, March 31, 2021, fell more than 1 per cent amid weakness in the global stocks. The S&P BSE Sensex gave up 50,000 mark and the Nifty 50 index fell below the 14,700 level.

The Sensex declined 627.43 points, or 1.25 per cent, to trade at 49,509.15 The Nifty 50 at National Stock Exchange also slipped 154.40 points, 1.04 per cent, and settled at 14,690.70. The Nifty Bank index, lost 571.20 points, or 1.69 per cent, to close at 33,303.90.

The broader indices outperformed the Sensex. The BSE Mid-Cap gained 0.07 per cent and the Small-Cap gained 0.52 per cent.

Today was the last trading session for the financial year 2020-21 (FY21).

The market breadth was negative. On the BSE, 1,390 shares rose and 1,491 shares fell. On the Nifty 50 index, 21 shares advanced and 29 shares declined. The top five gainers on the Nifty index were Tata Steel (up 2.30 per cent), Grasim (up 2.27 per cent), UPL (up 1.91 per cent), Bajaj Finserv (up 1.85 per cent) and ITC (up 1.51 per cent). The top five losers were HDFC (down 3.90 per cent), HDFC Bank (3.82 per cent), Power Grid (down 2.60 per cent), Tech Mahindra (down 2.19 per cent) and Coal India (down 2.14 per cent).

COVID-19 update

Total Covid-19 confirmed cases worldwide were at 128,152,416 with 2,803,009 deaths. India reported 552,566 active cases of Covid-19 infection and 162468 deaths while 114,34,301 patients have been discharged, data showed.

UNESCAP outlook on India's Economic Output

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said on Tuesday that India's economic output in 2021 is expected to remain below the 2019 level. According to the report, India is estimated to record economic growth of 7 per cent in 2021-22, over a contraction of 7.7 per cent witnessed in the previous fiscal on account of the pandemic's impact on normal business activity.

China's Factory Activity

China's factory activity expanded at a faster-than-expected pace in March. The official manufacturing Purchasing Managers Index (PMI) rose to 51.9 from 50.6 in February, data from the National Bureau of Statistics (NBS) showed today.

Japan's Industrial Output

Japan's industrial output fell in February. Official data released today showed factory output shrank 2.1% from February, dragged down by falls in production of cars, electrical machinery and information and communication equipment.

The Conference Board's Consumer Confidence Index surged in March to 109.7, its highest reading in a year after a modest increase in February.