The benchmark indices were trading in a narrow range with modest losses in afternoon trade. The Nifty was trading below 14,550 mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 330.44 points or 0.68% at 48,451.92. The Nifty 50 index lost 81.80 points or 0.56% at 14,549.30.
Reliance Industries (RIL) (down 1.89%), HDFC Bank (down 1.38%) and ICICI Bank (down 1.67%) were major drags.
In the broader market, the S&P BSE Mid-Cap index skid 0.48%. The S&P BSE Small-Cap index added 1.17%.
Buyers outpaced sellers. On the BSE, 1,621 shares rose and 1,277 shares fell. A total of 179 shares were unchanged.
India s manufacturing output inches up as demand rises: PMI
By IANS |
2 Views
The growth rate of India s factory production slowed massively in January 2019 to 1.7 per cent, from 7.5 per cent reported for the corresponding month of 2018, official data showed on Tuesday.(Photo: Tata Motors/Instagram). Image Source: IANS News
New Delhi, May 3 : Demand growth pushed India s manufacturing sector output higher in April, showed IHS Markit India Manufacturing PMI report on Monday.
Accordingly, the report said economic conditions in India s manufacturing sector remained favourable in April, as companies scaled up production in line with a further improvement in demand.
Consequently, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers Index (PMI) inched up from 55.4 (index reading) in March to 55.5 in April.
Read more about Factory orders, production rise at slowest rates in 8 months in April: PMI on Business Standard. India s manufacturing sector activity was largely flat in April, as rates of growth for new orders and output eased to eight-month lows amid the intensification of the COVID-19 crisis
Market wipes out losses to end flat; banks, financials slip
May 03, 2021
Sensex down 64 points at close, Nifty below 14,700
The market recovered from its early losses to end flat on Monday, dragged down by bank stocks. The market opened on a negative note and remained volatile through the day as concerns related to the Covid-19 situation continued to weigh on investor sentiment.
The BSE Sensex, after hitting an intra-day low of 48,028.07 in early trade, closed at.48,718.52, down 63.84 points or 0.13 per cent. In fact, the index recovered sharply to hit an intra-day high of 48,863.23 during the closing hours.
The Nifty 50 closed at 14,634.15, down 3.05 points or 0.02 per cent. It hit an intra-day high of 14,673.85 and an intra-day low of 14,416.25.
Growth in India’s domestic factory orders and production decelerated to an eight-month low in April amid the worsening Covid-19 situation, but the overall manufacturing activity improved marginally, led by new export orders, according to a private survey.
The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose marginally to 55.5, after falling to a seven-month low of 55.4 in March, as new export orders grew the fastest since October. The 50-point mark separates expansion from contraction. The PMI is a month-over-month indicator and shows changes over the previous month, and not over the previous year.
Consumer goods was the strongest-performing category in April, followed by capital goods and intermediate goods. “The PMI results for April showed a further slowdown in rates of growth for new orders and output, both of which eased to eight-month lows amid the intensification of the Covid-19 crisis. Still, the increases were strong by historical standards and th