Stock Market Update Today: Sensex slips over 500 points; Nifty below 14,800

Stock Market Update Today: Equity Benchmarks on Wednesday, March 17, 2021, ended lower amid weak global markets. The Sensex at Bombay Stock Exchange slipped 562.34 points, or 1.12 per cent, to close below the 50,000 level at 49,801.62. The Nifty at National Stock Exchange fell 189.15 points, or 1.27 per cent, to settle at 14,721.30. The Nifty Bank closed 575.35 points, or 1.65 per cent, down at 34,339.25.

On the other hand, in the broader market, the BSE Mid-Cap index slumped 2.3 per cent while the Small-Cap index fell 2.1 per cent.

There were more sellers than buyers. On the BSE, 837 shares rose and 2,148 shares fell. On the Nifty 50 index, 2 shares advanced and 48 shares declined. The two shares that rose on Nifty 50 were ITC (up 1.49) and Infosys (up 0.22 per cent). The top five losers on the index were BPCL (down 5.03 per cent), ONGC (down 4.74 per cent), Tata Motors (down 4.52 per cent), Adani Ports (down 4.27 per cent) and Coal India (down 4.08 per cent).

Investors were cautious ahead of the outcome of the US Federal Reserve's two-day policy meeting, which will conclude later today. Most of the shares declined today as investors were waiting for the outcome of the US Federal Reserve's meet. It is expected that the US central bank may revise upwards its GDP forecast, following a $1.9 trillion fiscal stimulus package that will send direct payments of up to $1,400 to most Americans. The Fed will also deliver its decision on the interest rates.

COVID-19 update

Total COVID-19 confirmed cases worldwide stood at 12,06,56,989 with 26,70,056 deaths. India reported 2,34,406 active cases of coronavirus infection and 1,59,044 deaths, while 1,10,45,284 patients have been discharged.

India's Telecom Subscription Data

Besides, the Telecom Regulatory Authority of India (TRAI) released the telecom subscription data for January 2021 on Wednesday, March 17, 2021. Bharti Airtel added 58.92 lakh subscribers in January 2021 and its total subscriber base stood at 34.46 crore. Reliance Jio added 19.56 lakh, new subscribers, in January 2021. Jio's total subscriber base stands at 41.07 crore as of January 2021. Vodafone Idea has added 17.10 lakh subscribers in January 2021 and its subscriber base rose to 28.59 crore as of January 2021.