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MARKET WRAP: Sensex down 190 pts, Nifty below 12K-mark ahead of Budget FY21

All that happened in the markets today

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKET WRAP: Sensex down 190 pts, Nifty below 12K-mark ahead of Budget FY21
Expectations ahead of Union Budget 2020, and December quarter earnings kept the Indian indices volatile on Friday, that logged steep fall during the fag end of the trading session. Market participants tracked the Economic Survey 2019-20 during the day which pegged the gross domestic product (GDP) growth rate for FY20 at 5 per cent, while forecast the GDP estimate for FY21 at 6-6.5 per cent. 

In the Economy Survey tabled today in the Parliament, the government said that it expects a pick-up in economic activity in the second half of the fiscal on the back of improved foreign direct investment (FDI) flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandize exports, higher build-up of foreign exchange reserves and positive growth rate of goods and services tax (GST) revenue collection. READ HIGHLIGHTS HERE

The government is expected to raise spending on infrastructure and cut some personal tax in its 2020/2021 budget, to spur consumer demand and investment, government sources and economists told agency Reuters.

The benchmark S&P BSE Sensex ended the day near day's low, at 40,723.49 level, down 190.33 points or 0.47 per cent. State Bank of India, IndusInd Bank, and Bharti Airtel were the top gainers at close today, up between 1.6 and 2.3 per cent. Meanwhile, ONGC, PowerGrid, and TCS were the top laggards. In the intra-day trade, Sensex hit a low of 40,701.96 level.

On the NSE, the Nifty50 breached below the crucial 12,000-mark and settled at 11,961.65 level, down 74.15 points or 0.62 per cent. 

On the sectoral front, Nifty Metal index settled as the worst hit index, down over 2 per cent, after the World Health Organsiation (WHO) declared the Wuhan-originated coronavirus as global emergency. On the other hand, Nifty Realty index closed 1.3 per cent higher on the NSE after the Economic Survey 2020 pitched for real estate developers to lower property prices to clear inventory.

In the broader markets, the S&P BSE mid-cap index closed at 15,463.46 level, down 0.6 per cent, while the S&P BSE small-cap index was at 14,671.53, down 0.22 per cent.

GLOBAL MARKETS

World share fought to regain their footing on Friday as investors clutched at hopes that China could contain the coronavirus, even as headlines spoke of more cases and deaths, travel bans, evacuations and factory shutdowns.

Europe opened 0.3 per cent higher following a bounce in Tokyo.

MSCI’s broadest index of of world shares got back to flat. Asia-Pacific shares outside Japan extended their fall, however, dropping 0.4 per cent, and appeared set for their worst weekly loss in a year, of 4.6 per cent. 

Japan's Nikkei bounced 1 per cent, but was off 2.6 per cent for the week. Hong Kong's Hang Seng drifted 0.3 per cent lower and has shed 9 per cent in two weeks. 

(With inputs from Reuters)

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