Sensex slipped below 51,000 mark; Nifty 50 corrects 144 points

Domestic equity barometers snapped their three-day rising streak and ended with steep losses on Friday, March 12, 2021. The S&P BSE Sensex tumbled 487.43 points or 0.95 per cent to end at 50,792.08. The Nifty 50 index slumped 143.85 points or 0.95 per cent to close at 15,030.95. The Nifty Bank fell 441.65 points or 1.23 per cent to settle at 35,496.65.

The broader market at BSE outperformed the Sensex as the BSE Mid-Cap index slipped 0.45 per cent, while the BSE Small-Cap index appreciated marginally by 0.14 per cent.

Sellers outnumbered buyers. On the BSE, 1358 shares rose and 1647 shares fell. On the Nifty 50 index, 8 shares advanced and 42 shares declined. The top five gainers on Nifty 50 were BPCL (up 3.05 per cent), IOC (up 2.58 per cent), Power Grid (up 2.25 per cent), JSW Steel (up 0.91 per cent) and Titan (up 0.80 per cent). The top five losers were Bajaj Auto (down 3.01 per cent), Adani Ports (down 2.97 per cent), HDFC Life (down 2.67 per cent), SBI Life (down 2.66 per cent) and Hindalco (2.60 per cent).

COVID-19 update

Total Covid-19 confirmed cases worldwide were at 11,85,71,592 with 26,29,625 deaths. India reported 1,97,237 active cases of Covid-19 infection and 1,58,306 deaths while 1,09,53,303 patients have been discharged, data showed.

European Central Bank Money-Printing

The European Central Bank on Thursday said it was ready to accelerate money-printing to keep a lid on borrowing costs, using its 1.85 trillion euro Pandemic Emergency Purchase Program (PEPP) more generously over the coming months to stop any unwarranted rise in debt financing costs. Bond yields in the eurozone have been ticking higher since February, in line with the yield on US Treasury notes.

The US Economy

On the US data front, investors cheered a slightly better-than-expected reading on weekly jobless claims. The Labour Department reported that first-time filings for unemployment insurance in the week ended March 6, 2021, totalled a seasonally adjusted 7,12,000. The Labour Department said on Thursday that applications for unemployment aid dropped by 42,000 from 7,54,000 the week before.