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Markets shrug off US stimulus plan; Covid, lockdowns weigh

The broader markets also remained under pressure as both mid- and small-caps ended with losses of 1 per cent each.

By: ENS Economic Bureau | Mumbai |
January 16, 2021 12:57:16 am
The rupee snapped its three-session winning streak and settled for the day 3 paise lower at 73.07 against the US dollar on Friday. (Image source: Bloomberg)

DOMESTIC STOCK markets came under selling pressure as overseas markets remained subdued amid rising Covid cases in China, more restrictions in many countries and grim prospects about a faster global economic recovery. The $1.9 trillion US stimulus plan also failed to boost the markets. The Sensex declined 549 points, or 1.1 per cent, to 49,034.67 and the Nifty50 fell 161.90 points, or 1.11 per cent, to 14,433.70 on selling pressure.

The broader markets also remained under pressure as both mid- and small-caps ended with losses of 1 per cent each.

On the sector front, except telecom, all the other indices ended with losses.

The rupee snapped its three-session winning streak and settled for the day 3 paise lower at 73.07 against the US dollar on Friday.

UK’s Office for National Statistics reported that the economy shrank 2.6 per cent in November.

Meanwhile, Wall Street’s main indices dropped Friday, weighed down by losses in major US lenders after their earnings reports, while incoming President Joe Biden’s stimulus plan sparked fears of a rise in corporate taxes.

At 11:39 am ET, the Dow Jones Industrial Average fell 135.21 points, or 0.44 per cent, to 30,856.31 and the S&P 500 lost 18.40 points, or 0.48 per cent, to 3,777.14.

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