Extending losses from the previous session, headline indices Sensex and Nifty were trading over 1.5 per cent lower on Friday dragged by sell-off in index heavyweights such as HDFC, ICICI Bank and Kotak Mahindra Bank. S&P BSE Sensex was trading at 27,882, down 383 points or 1.36 per cent, while the broader Nifty 50 index slipped below the crucial 8,200 mark, to trade at 8,154, down 100 points or 1.21 per cent. “Investor’s confidence is continuously being impacted due to mounting fear of global recession, rising cases of COVID-19 and weak macros leading to selling in global markets including India. Further, in the near-term, there is no fresh positive triggers which can boost investor sentiment. We reiterate our cautious views on markets and suggest keeping extra care for stock selection and risk management,” Ajit Mishra, VP-Research, Religare Broking Ltd said.
IndusInd Bank share price down 5.5%: As many as 19 stocks out of 30 Sensex stocks were trading down today. IndusInd Bank was top loser, down 5.5% to Rs 323 apiece, followed by ICICI Bank and Asian Paints. On the flip side, M&M was the top Sensex gainer, up 5.26 per cent to Rs 287. ONGC, Bajaj Finance and ITC were among other gainers on the index.
Nifty Pharma, Nifty Realty gain ground: Barring Nifty Pharma and Nifty Realty indices, all the sectoral indices were trading in red. Nifty Bank index was down 2.36 per cent weighed down by IndusInd Bank, ICICI Bank and RBL Bank. On the other hand, Nifty Pharma index was up 1.06 per cent led by gains in Cipla, Lupin and Glenmark.
World bank approves $1 bn emergency fund to India: The World Bank has approved USD 1 billion emergency funding for India to help it tackle the coronavirus pandemic, which has claimed 76 lives and infected 2,500 people in the country. The World Bank’s first set of aid projects, amounting to USD 1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said on Thursday, PTI reported.
ADB expects India’s economic growth to slow down to 4%: India’s economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for financial year 2020-21 on Friday.
COVID-19 cases in India above 2000-mark: The total number of Coronavirus positive cases have crossed the 2000-mark in India, according to the Ministry of Health and Family Welfare. In the last 24 hours, 235 new COVID-19 positive cases have been recorded across the country.
Global markets: Asian markets edged higher on Friday as US stock rallied after crude oil prices posted their biggest one-day surge in previous session. Overnight on Wall Street, US stock market surged on Thursday as hopes for a truce in the price war between Saudi Arabia and Russia and a cut in oil output drove gains. The Dow Jones Industrial Average rose 469.93 points, or 2.24%, to 21,413.44, the S&P 500 gained 56.4 points, or 2.28%, to 2,526.9 and the Nasdaq Composite added 126.73 points, or 1.72%, to 7,487.31.