Sensex slips below 31,000, down over 100 points, Nifty trades below 9,150

Sensex slips below 31,000, down over 100 points, Nifty trades below 9,150

Sensex slips below 31,000, down over 100 points, Nifty trades below 9,150

U.S. markets also closed lower after comments from Fed's Powell, who expects "significant downside risk" and said that economy needs more booster shots.

Finance Minister's stimulus aimed towards reviving the gloomy Indian economy failed to cheer up Indian stock markets as Sensex plunged by 885.72 points, which is 2.77 per cent to reach the level of 31,122.89 while, Nifty dipped by 240.80 points, which is 2.57 per cent to be at the level of 9,142.75. The fact that no major announcement came with regard to the banking sector saw the Bank Nifty index fall by 2.88 per cent or 540 points.

Asian and European markets fell in early trade today as investors fretted over fears of a second wave of infections.

"The FM has been announcing the stimulus details for the last two days and hopefully, all the details will be out by Sunday.It seems like markets are awaiting further details before making any reaction", said Ajit Mishra, VP - Research, Religare Broking Ltd.

Besides, uncertainty over the effectiveness of the fiscal stimulus package, the spike in COVID-19 cases in the country weighed on investor sentiment, experts noted. "It also raises concerns over sovereign rating outlook / rating revision by credit rating agencies" said IFA Global in a not to its investors.

The broader midcap and smallcap indices dropped up to 0.63 per cent.

M&M, Bharti Infratel, Eicher Motors, ZEEL and Maruti Suzuki led the decline among Nifty50 constituents while BPCL, Britannia Industries, Bharti Airtel, ONGC and HDFC were the top index losers.

Stock specific action was also seen in companies that recently announced their earnings.

Mumbai (Maharashtra) [India], May 14 (ANI): Equity benchmark indices closed over 2.5 per cent lower on Thursday amid weak global cues after US Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic.

On the currency front, the rupee appreciated by 5 paise to provisionally close at 75.46 against the USA dollar.

In India, the death toll due to Covid-19 rose to 2,549 and the number of cases climbed to 78,003, according to the health ministry.

Globally, the number of coronavirus cases has crossed 44.43 lakh and the death toll has topped 3.02 lakh.

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