Domestic Benchmarks declined; Sensex losses 202 points & Nifty closes at 14,341

Benchmark indices ended a volatile session with modest losses on Friday, April 23, 2021. The S&P BSE Sensex declined 202.22 points or 0.42 per cent and settled at 47,878.45. The Nifty 50 index declined 64.80 points or 0.42 per cent to close at 14,341.35. The Nifty Bank lost 60.30 points or 0.19 per cent and closed at 31,722.30.

In the broader market, the S&P BSE MidCap index gained 0.16 per cent and S&P BSE SmallCap gained 0.51 per cent.

Buyers outnumbered sellers. On the BSE, 1,588 shares rose and 1,388 shares fell. On the Nifty 50 index, 18 shares advanced and 32 shares declined. The top five gainers on Nifty were NTPC (up 3.94 per cent), PowerGrid (up 3.66 per cent), HDFC Life (up 1.61 per cent), IndusInd Bank (up 1.47 per cent) and BPCL (up 1.16 per cent). The top five losers were Britannia (down 2.67 per cent), Mahindra & Mahindra (down 2.53 per cent), Dr Reddy (down 2.40 per cent), Wipro (down 2.31 per cent) and ICICI Bank (down 2.02 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 14,47,67,231 with 30,72,522 deaths. India reported 24,28,616 active cases of Covid-19 infection and 1,86,920 deaths while 1,36,48,159 patients have been discharged, data showed.

The Health Ministry has issued a revised Clinical Guidance for Management of Adult COVID-19 Patients. The guidelines issued by AIIMS, ICMR-COVID-19 National Task Force and the Joint Monitoring Group DGHS under the Ministry said, under emergency use authorization, Remdesivir may be considered for only those patients with moderate to severe diseases requiring supplemental oxygen within 10 days of onset of symptoms.

It said, Remdesivir is not recommended for those with severe renal impairment or hepatic dysfunction. It said, Remdesivir not to be used in patients who are not on oxygen support or in-home settings. The guidelines recommended Emergency Use Authorization or off-label use of Tocilizumab drug in case of severe diseases, preferably within 24 to 48 hours of the onset of the disease or ICU admission.

India's GDP growth Forecast

India Ratings and Research on Friday revised down India's FY22 real GDP growth forecast to 10.1 per cent from the earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination.

It said the impact of the second wave will not be as disruptive as the first one, despite the daily caseload touching three times of the first wave's peak, as lockdowns are set to be localised ones.

Plan for capital gains tax hike in the hike

US President Joe Biden is planning a capital gains tax hike to as high as 43.4 per cent for wealthy Americans. The proposal would hike the capital gains rate to 39.6 per cent for those earning $1 million or more, up from 20 per cent currently, as per reports. On the economic front, the number of Americans applying for unemployment aid fell last week to 547,000, a new low since the pandemic struck and a further encouraging sign that layoffs are slowing on the strength of an improving job market. The US Labour Department said on Thursday that applications declined 39,000 from a revised 586,000 a week earlier.