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Sensex Sinks 1,145 Points; Nifty Drops Below 14,700

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Extending its losses for the fifth straight session, equity benchmark Sensex plummeted 1,145 points on Monday, tracking heavy losses in index majors Reliance Industries, HDFC and TCS amid negative cues from global markets. The 30-share BSE index ended 1,145.44 points or 2.25 per cent lower at 49,744.32. The broader NSE Nifty sank 306.05 points or 2.04 per cent to finish at 14,675.70.

Dr Reddy’s was the top loser in the Sensex pack, shedding around 5 per cent, followed by M&M, Tech Mahindra, Axis Bank, IndusInd Bank and TCS. On the other hand, ONGC, HDFC Bank and Kotak Bank were the gainers.

“India markets opened on a flattish note tracking mixed Asian market peers with China trading in losses as PBoC kept interest rates unchanged while Japan was trading with marginal gains,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi. During the afternoon session, markets started to drift lower and traded in red as amid fresh concerns over the increase in the number of COVID-19 cases contributed to the fears that the economic impact will be much larger than earlier estimates, he noted.

“Also, the major western markets failed to provide any support as it opened to trade in red with equity investors growing concern about rising bond yields in recent weeks which could hurt high-growth companies reliant on easy borrowing,” Solanki added. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a negative note, while Tokyo traded with gains.

Stock exchanges in Europe were also trading in the red in mid-session deals. Meanwhile, the global oil benchmark Brent crude was trading 0.66 per cent higher at USD 62.55 per barrel.

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Moody’s Projects 13.7% Growth in FY’22, Expects 7% Contraction This Fiscal

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Moody’s on Thursday upped India’s growth projection for the next financial year beginning April 1, to 13.7 per cent, from 10.8 per cent estimated earlier, on the back of normalisation of activity and growing confidence in the market with the rollout of COVID-19 vaccine. For current fiscal, the US-based rating agency expects the economy to contract 7 per cent, lower than its previous estimate of 10.6 per cent contraction.

Moody’s Investors Service Associate Managing Director (Sovereign Risk) Gene Fang said “our current expectation is that in the current fiscal ending March 2021, the economy would contract 7 per cent… We expect a rebound of 13.7 per cent growth in the next fiscal on normalisation of activity and base effects.”

The very large rebound incorporates the view that recovery in activity will continue, with the rollout of vaccines and growing confidence in the market that activities are coming back to normal, Fang said in an online conference on India Credit Outlook 2021 organised by Moody’s and its India affiliate ICRA. ICRA Principal Economist Aditi Nayar said it expects 0.3 per cent growth in the third quarter (October-December) of current fiscal.

ICRA expects Indian economy to contract 7 per cent in current fiscal and growth to rebound to 10.5 per cent in the next fiscal beginning April 1. “Recession in India has ended,” she said, adding there could be upside to growth in FY’22 if government’s capital expenditure increases, budget announcements are implemented and vaccination drives are carried out.



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