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Domestic markets closed in Red; Sensex tumbles 465 points & Nifty slides below 14,500 mark
Bombay Stock Exchange
Equity indices ended with steep losses on Tuesday, May 4, 2021, as rising COVID-19 cases dented investors sentiment.
Equity indices ended with steep losses on Tuesday, May 4, 2021, as rising COVID-19 cases dented investors sentiment. The S&P BSE Sensex fell 465.01 points or 0.95 per cent to 48,253.51. The Nifty 50 index declined 137.65 points or 0.94 per cent at 14,496.50. Nifty Bank index dropped 195.40 points or 0.60 per cent to 32,270.35.
The broader markets, although in the red, outperformed the benchmarks. The S&P BSE MidCap fell 0.50 per cent and S&P BSE SmallCap ended 0.57 per cent lower today.
The market breadth was negative. On the BSE, 1,402 shares rose and 1,563 shares fell. On the Nifty 50 index, 16 shares advanced and 34 shares declined. The top five gainers on Nifty were SBI Life (up 2.65 per cent), BPCL (up 1.57 per cent), ONGC (up 1.44 per cent), Adani Ports (up 0.87 per cent) and Bajaj Finance (up 0.78 per cent). The top five losers were Tata Consumer Products (down 4.30 per cent), Cipla (down 3.13 per cent), Dr Reddy's Laboratories (down 2.12 per cent), Reliance (down 2.10 per cent) and Divis Laboratories (down 2.03 per cent).
COVID-19 update
Total COVID-19 confirmed cases worldwide were at 15,35,53,270 with 32,13,573 deaths. India reported 34,47,133 active cases of COVID-19 infection and 2,22,408 deaths while 1,66,13,292 patients have been discharged, data showed.
Barclays cut India's FY22 GDP growth estimate
Due to the slow pace of vaccinations and uncertainty around the number of those infected and dead in the second COVID-19 wave, global brokerage firm Barclays cut India's FY22 GDP growth estimate to 10 per cent from earlier 11 per cent. If the ongoing localised lockdowns continue till June 2021, it will lead to economic losses amounting to $38.4 billion, it said.
US Economy
New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month. The US economy is doing better but is "not out of the woods yet," Federal Reserve Chair Jerome Powell reportedly said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the Coronavirus downturn. US manufacturing activity grew at a slower pace in April. The ISM's index of national factory activity fell to a reading of 60.7 last month after surging to 64.7 in March, which was the highest level since December 1983.
