Sensex falls 871 points; Nifty ends at 14,549

The domestic equity markets fell more than one and a half per cent on Wednesday, March 24, 2021, amid weakness in global stocks.

The S&P BSE Sensex declined 871.13 points, or 1.74 per cent, to close at 49,180.31. The Nifty 50 at National Stock Exchange also plunged 265.35 points, or 1.79 per cent, to finish at 14,549.40. The Bank Nifty lost 891.15 points, or 2.61 per cent, to settle at 33,293.25.

In the broader market, the BSE Mid-cap index advanced 1 per cent and the Small-cap index added 0.8 per cent.

Sellers outnumbered buyers. On the BSE, 840 shares rose and 2116 shares fell. On the Nifty 50 index, 3 shares advanced and 47 shares declined. The three shares that advanced on Nifty were Cipla (up 1.92 per cent), Asian Paint (up 1.40 per cent) and Power Grid (up 0.82 per cent). The top five losers on the index were Tata Steel (down 4.74 per cent), Adani Ports (down 4.12 per cent), Tata Motors (down 4.12 per cent), Hindalco (down 3.83 per cent) and M&M (3.75 per cent).

Anupam Rasayan India closed at Rs 518.50 per share on the NSE, a discount of 6.57 per cent over the IPO price of Rs 555 per share and 1.50 per cent at the listing price of Rs 520 per share.

COVID-19 Update

Total Covid-19 confirmed cases worldwide were at 124,143,841 with 2,733,634 deaths. India reported 368,457 active cases of Covid-19 infection and 160,441 deaths, data showed. India recorded 47,262 new cases of Coronavirus disease in 24 hours, according to the Union health ministry update on Wednesday.

Fitch Revises India's GDP growth estimate

American credit rating agency Fitch has revised India's GDP growth estimate to 12.8% for the next fiscal from the previous 11% on the back of a stronger carryover effect, a looser fiscal stance, and better virus containment.

The ratings agency, in its latest Global Economic Outlook GEO, anticipates the level of the country's GDP to remain well below its pre-pandemic forecast trajectory. Fitch also expects GDP growth to ease to 5.8% in Fiscal Year 2023.

Japan's Factory Activity

An expansion of Japan's factory activity gathered pace in March, a private sector survey showed on Wednesday. The Flash Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.0 in March from a final 51.4 in February.

The US Markets

Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen made their first joint appearance on Tuesday before the US House Committee on Financial Services. The duo acknowledged the richly valued asset prices in the markets but said that they are not worried about financial stability.