The equity indices reversed gains and slipped into the negative terrain in mid-afternoon trade. The Nifty was trading below 15,200 mark. Banks and financial stocks declind while IT and metal stocks were trading firm.
At 14:25 IST, the barometer index, the S&P BSE Sensex, fell 166.93 points or 0.33% at 50,484.63. The Nifty 50 index fell 33 points or 0.22% at 15,164.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.56% while the S&P BSE Small-Cap index added 0.06%.
The market breadth was positive. On the BSE, 1,687 shares rose and 1,396 shares fell. A total of 140 shares were unchanged.
Buzzing Index:
The Nifty Auto index gained 0.56% to 10,373.30, rising for third trading session. The index has risen 1.44% in three days.
Balkrishna Industries (up 2.98%), Ashok Leyland (up 2.32%), TVS Motor Company (up 2.07%), Eicher Motors (up 1.94%) and Tata Motors (up 1.41%), Hero MotoCorp (up 0.99%), Mahindra & Mahindra (up 0.31%) and Maruti Suzuki India (up 0.21%) climbed.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 72.82 compared with its previous closing of 72.9650.
MCX Gold futures for 4 June 2021 settlement fell 0.12% to Rs 48,493.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 89.623.
The yield on 10-year benchmark federal paper rose to 5.974% as compared to its previous close of 5.972%.
In the commodities market, Brent crude for July 2021 settlement fell 35 cents to $68.11 a barrel. The contract increased 3% to settle at $68.46 in the previous trading session.
Economy:
Domestic ratings agency ICRA on Monday, 24 May 2021, forecast a 2% GDP growth in the fourth quarter of 2020-21, and a 7.3% contraction for the full fiscal year. From a GVA (gross value added) perspective, the agency pegs Q4 growth at 3% and the fully year contraction at 6.3%. According the agency, the 2% projected GDP growth will help the economy avoid a double-dip recession as indicated by the National Statistical Office (NSO) for fourth quarter.
Meanwhile, global forecasting firm Oxford Economics has lowered India's growth projections for the current financial year to 9.1% from 10.2% because of slow COVID-19 vaccination drive and the need to extend state-imposed lockdowns for a longer period to contain the spread of virus.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
