Fitch Ratings has slashed India's economic growth projection to 0.8 per cent in the current 2020-21 fiscal, saying an unparalleled global recession was underway due to the COVID-19 crisis.
Foreign portfolio investors were net sellers in the capital market on Wednesday, as they offloaded equity shares worth Rs 1,326.09 crore, according to provisional exchange data.
In the previous session, the BSE barometer ended 1,011.29 points or 3.20 per cent lower at 30,636.71, while the Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.
Around 1 p.m., Sensex was trading at 30,436.32, lower by 1,211.68 points or 3.83 per cent from the previous close of 31,648. It had opened at 30,836.19 and has touched an intra-day high of 30,900.12 and a low of 30,407.01 points.
Maruti was the top laggard in the Sensex pack, sinking up to 7 per cent, followed by Tata Steel, IndusInd Bank, Bajaj Finance, Axis Bank, ICICI Bank and ONGC.
Infosys jumped over 3 per cent ahead of its quarterly earnings, scheduled to be announced later in the day. Kotak Bank, HDFC, Tech Mahindra, HCL Tech and TCS were also trading in the green.
TCS was the top gainer in the Sensex pack, surging up to 7 per cent. The country's largest software exporter reported a marginal dip in March quarter net at Rs 8,049 crore on Thursday.
Infosys was the top laggard in the Sensex pack, shedding up to 4 per cent, followed by Kotak Bank, Hero MotoCorp, Tech Mahindra, Titan and Axis Bank.
Sun Pharma was the top gainer in the Sensex pack, rallying up to 5 per cent, followed by L&T, HUL, Axis Bank, UltraTech Cement, ICICI Bank. Reliance Industries jumped nearly 3 per cent after the company said it will raise Rs 9,000 crore through an NCD sale this week to refinance the existing high-cost rupee debt.
Bajaj Finance was the top laggard in the Sensex pack, shedding up to 8 per cent, followed by Mahindra and Mahindra, Maruti, ONGC, Titan and Bajaj Auto.
In the previous session, the BSE barometer surged 2,476.26 points or 8.97 per cent to settle the day at 30,067.21; while the NSE barometer Nifty zoomed 708.40 points or 8.76 per cent to close at 8,792.20 -- the best session ever for both indices.
Sensex was trading at 29,136.53, higher by 1,545.58 points or 5.60 per cent, from the previous close of 27,590.95. It had opened at 28,898.36 and has so far touched an intra-day high of 29,180.31 and a low of 28,602.31.
Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.
Kotak Bank was the top loser in the Sensex pack, cracking up to 7 per cent, followed by IndusInd Bank, Hero MotoCorp, Asian Paints, Titan, and ICICI Bank. On the other hand, PowerGrid, ONGC, HCL Tech, and Sun Pharma were the gainers.
On the global front, bourses in Shanghai were trading on a positive note after China's manufacturing sector steadily resumed production after the COVID-19 shutdown, with 98.6 per cent of the major industrial firms nationwide having restarted work.
On the global front, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower. Meanwhile, the Indian rupee depreciated 28 paise to 75.18 against the US dollar in morning trade. Brent crude futures, the global oil benchmark, fell 4.44 per cent to USD 26.71 per barrel.
Finance Minister’s package did not address to the needs of the corporate sector, analysts said, adding that this would, perhaps, be followed by monetary stimulus by RBI along with forbearance on loan repayments.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold equity shares worth Rs 1,893.36 crore on Wednesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.51 per cent to USD 27.25 per barrel.
Equity benchmark Sensex rallied over 1,600 points in afternoon session on Wednesday led by gains in index heavyweights Reliance Industries, HDFC twins, ICICI Bank and Kotak Bank as government took drastic measures to combat Covid-19 outbreak.
European as well as Wall Street indices reversed from losses as investors banked on hopes of economic stimulus from policymakers. Sensex traded 500 points higher to trade at 27,299, and Nifty gained 130 points higher to 7,970-mark.
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