Sensex tumbles 361 points to 58,766; Nifty closes at 17,532

Benchmark indices ended with steep losses on Friday, declining for the fourth session in a row. The S&P BSE Sensex dropped 360.78 points or 0.61 per cent at 58,765.58. The Nifty 50 index closed 86.10 points or 0.49 per cent lower at 17,532.05. The Nifty Bank fell 199.20 points or 0.53 per cent to 37,225.90.

In the broader markets, the S&P BSE Midcap closed 0.11 per cent and the S&P BSE Smallcap index rose 0.48 per cent.

The market breadth was positive. On the BSE, 1814 shares rose and 1416 shares fell. On the Nifty 50 index at NSE, 24 shares advanced and 26 shares declined. The top five gainers on Nifty were Mahindra & Mahindra (up 2.98 per cent), Coal India (up 2 per cent), IOC (up 1.40 per cent), UltraTech Cement (up 1.34 per cent) and Dr Reddy's Laboratories (up 1.23 per cent). The top five losers were Bajaj Finserv (down 3.21 per cent), Maruti Suzuki (down 2.54 per cent), Asian Paints (down 1.96 per cent), Bajaj Finance (down 1.87 per cent) and Bharti Airtel (down 1.82 per cent).

The shares of Paras Defence and Space Technologies Limited debuted on the bourses, NSE & BSE, today. It debuted NSE at a premium of Rs 469 per share against the issue price of Rs 175 per share.

Aditya Birla AMC IPO

The Rs 2,786 crore initial public offering (IPO) of Aditya Birla Sun Life AMC has been subscribed 5.24 times on the last day, amid strong demand from retail investors, as per the data available on the NSE at around 05:39 pm. The company has a plan to raise up to Rs 2,786 crore from this public issue. The initial share sales price band has been fixed at Rs 695-712. An investor can bid for a minimum of 20 equity stocks (one lot) and in multiples of 20 stocks thereafter. The offer is entirely an offer for sale, wherein two promoters -- Aditya Birla Capital and Sun Life (India) AMC Investments -- will divest their stakes in the asset management firm.

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths, data showed.

Economy

Gross GST revenue collected in September 2021 came at Rs 1,17,010 crore, up by 23 per cent year-on-year. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in September, from 52.3 in August, highlighting a stronger expansion in overall business conditions across the sector.

During the first quarter of the current financial year, Bank credit registered 5.8 per cent growth compared to last year. Personal loans accelerated to 14.8 per cent on a year-on-year basis while bank credit to the industrial sector declined. Credit to individuals in the household sectors continued to rise and their share in total loans increased to 43.3 per cent from 34.2 per cent five years ago. Female borrowers had nearly 22 per cent share in the amount of credit to individuals.

Bank branches in urban, semi-urban and rural centres maintained double-digit credit growth on a year-on-year basis in June 2021 but credit extended by metropolitan branches just recorded growth of 2.7 per cent. During the last five years, public sector banks share in total credit declined to 58 per cent from 69 per cent while private banks share increased to 36.6 per cent as compared to 25.7 per cent 5 years ago.

German inflation hit 4.1 per cent in September 2021, its highest level for 29 years. Japan's factory activity grew at the slowest rate in seven months in September as overall output and new orders shrank due to the fallout from the coronavirus pandemic, a survey showed on Friday. The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) in September slipped to 51.5 on a seasonally adjusted basis from 52.7 in the previous month. Treasury Secretary Janet Yellen reiterated her call for Congress to raise the debt ceiling, saying that failure to do so would be catastrophic.