Equity benchmark indices closed 2 per cent lower on Thursday as traders booked profit a day after the US Federal Reserve said that it sees interest rates near zero through 2022. On the economic front, Standard and Poor's affirmed its rating on India's long-term foreign and local currency sovereign credit at the lowest investment-grade level but retained a stable outlook on the economy. At the closing bell, the BSE SandP Sensex was down by 709 points or 2.07 per cent at 33,538 while the Nifty 50 edged lower by 214 points or 2.12 per cent at 9,902. All sectoral indices at the National Stock Exchange were in a sea of red with Nifty PSU bank down by 3.7 per cent, financial service by 2.3 percent, auto by 2 per cent and IT by 1.4 per cent. Among stocks, telecom stocks plunged as the Supreme Court asked operators to present their views on a timeframe to pay the adjusted gross revenue (AGR) dues and the nature of guarantees.
Equity benchmark indices traded lower during early hours on Thursday as traders booked profit across counters, a day after the US Federal Reserve said that it sees interest rates near zero through 2022. On the economy front, Standard and Poor's affirmed its rating on India's long-term foreign and local currency sovereign credit at the lowest investment-grade level and retained its stable outlook on the economy. India's long-term rating was affirmed at BBB-minus with a stable outlook while the short-term rating was held at A3. At 10:15 am, the BSE SandP Sensex was down by 80 points or 0.23 per cent at 34,167 while the Nifty 50 edged lower by 23 points or 0.23 per cent at 10,093. Sectoral indices at the National Stock Exchange were mixed. Among stocks, Sun Pharma lost by 2.5 per cent to Rs 486.45 per share.
In the ending ceremony of Jagannath Rath Yatra attendees were seen flouting social distancing norms amid increasing number of coronavirus infection cases. The annual, 13 days Jagannath Rath Yatra has ended with 'rasagulla' offers to goddess lakshmi by lord Jagannath on July 04. After denying it earlier, the Supreme Court has given permission to organise the annual Rath Yatra on June 22. As instructed, the procession has to be organised in a limited way without public attendance and only the servitors who have tested negative for COVID-19 can participate in the festival. Jagannath Rath Yatra is one of the auspicious festivals in India.
President Donald Trump said during July 4th celebrations in Washington D.C. Saturday that the U.S. has made a "lot of progress" in its fight against the pandemic even as two large states posted record increases in COVID-19 cases.
Credit: Reuters Studio Duration: 00:38Published
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