Equity markets wipe out all gains in late afternoon session

Indian equity markets erased all the gains to turn negative in late afternoon session, Both Sensex and Nifty were trading below their crucial 51400 and 15150 marks, respectively. Traders were cautious even after Union Minister of State for Finance Anurag Thakur has said that the budget shows hope to build a new India and will lead the nation on the path of becoming an economic and manufacturing powerhouse. Meanwhile, the government sought Parliament's approval for gross additional expenditure of Rs 6.28 lakh crore for 2020-21 as part of the second and final batch of supplementary demands for grants. The proposals involve net cash outgo of Rs 4.13 lakh crore while the remaining amount will be matched by savings of ministries or enhanced receipts. On the global front, Asian markets were trading in red, as U.S. President Joe Biden's comment on China stoked worries that relations between the two nations could sour further. European markets were trading lower after the bell as new data published by the Office for National Statistics (ONS) showed UK GDP declined by 9.9% last year, which was the largest contraction on record.

The BSE Sensex is currently trading at 51377.80, down by 153.72 points or 0.30% after trading in a range of 51260.62 and 51804.58. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.37%, while Small cap index was down by 0.19%.

The few gaining sectoral indices on the BSE were Bankex up by 0.69%, IT up by 0.31% and TECK was up by 0.04%, Realty up by 0.01%, while Metal down by 2.10%, Oil & Gas down by 1.93%, FMCG down by 1.79%, Telecom down by 1.71% and Consumer Durables was down by 1.61% were the top losing indices on BSE.

The top gainers on the Sensex were ICICI Bank up by 1.66%, Indusind Bank up by 1.33%, Infosys up by 1.07%, Axis Bank up by 0.89% and HDFC up by 0.80%. On the flip side, ITC down by 4.44%, Sun Pharma down by 2.87%, ONGC down by 2.77%, NTPC down by 2.06% and Bharti Airtel down by 1.91% were the top losers.

Meanwhile, few days after the announcement of the Union Budget 2021-22, Union Minister of State for Finance Anurag Thakur has said that the budget shows hope to build a new India and will lead the nation on the path of becoming an economic and manufacturing powerhouse.

Anurag Thakur further underlined that the allocation for the benefit for the person with physical disabilities has been increased by 3 percent in the current budget, whereas allocation for the 'Mission Sakti' has increased by 16 percent.

The Minister also said that the fiscal deficit has been brought down to less than 3.5 percent and added that India has become the second-largest mobile manufacture in the world now. He said 'We are committed to taking India forward.'

The CNX Nifty is currently trading at 15116.60, down by 56.70 points or 0.37% after trading in a range of 15081.00 and 15243.50. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Adani Ports &Special up by 2.75%, ICICI Bank up by 1.72%, Indusind Bank up by 1.52%, Wipro up by 1.08% and Infosys up by 1.03%. On the flip side, ITC down by 4.57%, Sun Pharma down by 3.01%, Coal India down by 2.88%, ONGC down by 2.77% and Hindalco down by 2.76% were the top losers.

Asian markets were trading in red; Nikkei 225 slipped 42.86 points or 0.14% to 29,520.07.

European markets were trading lower; UK’s FTSE 100 decreased 15.98 points or 0.24% to 6,512.74, France’s CAC decreased 19.15 points or 0.34% to 5,650.67 and Germany’s DAX was down by 80.51 points or 0.57% to 13,960.40.