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Sensex ends 588 pts lower at 46,285, down 5% in a week ahead of Budget 2021

Both the benchmarks have erased around 5 per cent during the week

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MARKET WRAP | Markets | Q3 results

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Stock market updates:  Investors lightened their portfolios and decided to sit on cash on Friday as they await Finance Minister Nirmala Sitharaman's third Union Budget presentation due on Monday, February 1. In a sea-saw trade today, stock specific moves swayed even as overall mood remained subdued.  

At the index level, the benchmark S&P swung 1,260 points in the intra-day trade and hit an intra-day high and low of 47,424 and 46,160. The index eventually settled 588 points, or 1.26 per cent, lower at 46,286 levels. Dr Reddy's Labs (down 5.5 per cent) was the top loser on the index after the pharmaceutical major's consolidated net profit came in at Rs 19.8 crore for the quarter ended December, sharply lower than analysts' estimate of Rs 726.5 crore.

That apart, Maruti Suzuki, Bajaj Auto, Infosys, Bharti Airtel, and Bajaj Finserv, down between 5 per cent and 2.5 per cent, were the top drags. On the flipside, (up nearly 6 per cent), Sun Pharma, HDFC Bank, and ICICI Bank were the only gainers on the .

On the NSE, the Nifty50 index closed at 13,635 levels, down 183 points or 1.32 per cent. The index hit an intra-day low of 13,597.

Both the benchmarks have erased around 5 per cent during the week.

The broader market, however, remained relatively stable with the S&P MidCap and S&P SmallCap index down 0.69 per cent and 0.25 per cent, respectively at close.

On the sectoral front, financial and realty stocks held their ground with the Nifty PSU Bank and Realty indices settling 1.7 per cent and 0.7 per cent higher, respectively. On the downside, Nifty Auto index tumbled around 3 per cent, while Nifty Pharma and Metal indices declined around 2 per cent each. 


India’s economy, as per the Economic Survey, could contract 7.7 per cent in fiscal 2020-21, pulled down mainly by the coronavirus pandemic and the ensuing nationwide lockdown to contain the spread of the disease. Real GDP growth, as per Economic Survey, could come in at 11 per cent in the next financial year 2021-22 (FY22). This is a tad lower than what experts had hoped for.

On the fiscal deficit front, the Survey said that it is expected that the fiscal deficit of the Central Government may overshoot its Budget Estimate for the current fiscal year. READ MORE

Global markets
European stocks and US stock futures fell on Friday and the safe-haven dollar looked set for a weekly gain as a battle between hedge funds and retail investors and a row in Europe over COVID-19 vaccine supply cooled risk appetite.

S&P 500 futures fell 1.5 per cent and Nasdaq 100 futures fell 1.8 per cent, more than reversing gains made on Thursday as the earnings season got off to a strong start. Meanwhile, Britain's FTSE 100 index fell 1.7 per cent and was set to record its worst week since October. European stocks fell 1.5 per cent.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1% and is on course for a weekly loss of 4.4%. Japan’s Nikkei fell 1.9%, recording its first weekly loss of the year.

(With inputs from Reuters)


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