The broader market witnessed profit selling. The S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index lost 0.13%.
The market breadth was negative. On the BSE, 1,374 shares rose and 1,509 shares fell. A total of 163 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,792.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,767.09 crore in the Indian equity market on 7 December 2020, provisional data showed.
COVID-19 Update:
Hyderabad-based Bharat Biotech filed an application seeking emergency use authorisation for Covaxin on Monday, becoming the third company to seek such regulatory approval in India after Pfizer and Serum Institute of India (SII). Covaxin is the first fully locally developed vaccine candidate against COVID-19 that will be considered for emergency use authorisation in the country.
Total COVID-19 confirmed cases worldwide stood at 6,75,92,458 with 15,44,543 deaths. India reported 3,83,866 active cases of COVID-19 infection and 1,40,958 deaths while 91,78,946 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Fitch Ratings on Tuesday raised India's GDP forecast to -9.4% in the current fiscal year to March 2021 from a previously projected contraction of 10.5% after the economy staged a sharper rebound in the second quarter. The projections compare to a GDP growth of 4.2% in 2019-20 (April 2019 to March 2020) fiscal and 6.7% annual expansion between 2015 and 2019.
Buzzing Index:
The Nifty Pharmaceutical index lost 0.86% to 12,448. The index added nearly 8% in the past seven days.
Lupin (down 1.86%), Sun Pharmaceutical Inds (down 1.83%), Aurobindo Pharma (down 1.16%), Cadila Healthcare (down 1.06%), Cipla (down 0.83%) and Biocon (down 0.57%) declined.
Indoco Remedies fell 2.42%. The pharma company on Tuesday announced that it has won major tenders worth Rs 140 crore in Germany including the AOK for Allopurinol tablets. The expected revenue from Allopurinol tablets business is Rs 70 crore per annum. The supplies to Germany will begin from January 2021 and continue till end of 2022. API consumption will be approximately 100 metric tons per year for this supply, Indoco added.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged higher to 73.77 as compared to its previous closing of 73.9025.
The yield on 10-year benchmark federal paper rose to 5.940% compared with its closing of 5.924% in the previous trading session.
MCX Gold futures for 5 February 2021 settlement rose 0.02% to Rs 49,955.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 90.873.
In the commodities market, Brent crude for February 2020 settlement fell 30 cents to $48.49 a barrel. The contract fell 0.93% to end at $48.79 in the previous trading session.
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