Stock Market News: The Sensex slid below 30,850 whereas the Nifty tested 9,050 in morning deals
Sensex, Nifty LIVE Updates: Domestic stock markets fell around 1 per cent on Friday amid choppy trade, a day after the government announced the second set of measures under the "Atma Nirbhar Bharat" economic package to tackle the damage caused by the coronavirus pandemic and the weeks-long lockdown. The S&P BSE Sensex index fell as much as 1.10 per cent - or 342.96 points - to 30,779.93 in late morning deals, after opening in the positive territory at 31,296.28. The broader NSE Nifty 50 benchmark slid to as low as 9,053.85, having started the day higher at 9,182.40 compared to its previous close of 9,142.75.
At 11:13 am, the Sensex traded 288.62 points - or 0.93 per cent - lower at 30,834.27 while the Nifty was down 74.00 points - or 0.81 per cent - at 9,068.75.
Market breadth favoured losses, as 787 stocks moved higher on the BSE against 1,030 that traded in the opposite direction. On the NSE, 672 shares advanced while 972 declined.
In the Nifty basket of 50 components, 32 stocks traded lower at the time. Top percentage losers were Mahindra & Mahindra, Axis Bank, Bharti Infratel, ICICI Bank and Bajaj Finance, trading between 2.08 per cent and 4.05 per cent lower.
On the other hand, Bharat Petroleum, Tata Steel, NTPC, Bharti Airtel and JSW Steel - up between 1.60 per cent and 3.63 per cent each - were the top Nifty gainers.
Equities elsewhere in Asia traded on a cautious note, with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading 0.01 per cent lower.
Japan's Nikkei 225 and Hong Kong's Hang Seng benchmark indices were down 0.31 per cent and 0.07 per cent respectively, while China's Shanghai Composite and South Korea's KOSPI benchmarks were up 0.13 per cent and 0.09 per cent at the time.
Overnight in the US, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite benchmark indices closed up 1.15 per cent, 1.62 per cent and 0.91 per cent respectively, as investors weighed the prospect of economic recovery against remarks from US President Donald Trump regarding the US-China trade.
Though the E-Mini S&P 500 futures were down 0.06 per cent in early Asian trade, indicating a flat start for Wall Street on Friday.
After market hours on Thursday, Finance Minister Nirmala Sitharaman said the government will provide free food grains to millions of migrant workers hardest hit by the lockdown as well as offer employment under a rural jobs programme, and spend Rs 3,500 crore on food for nearly 8 crore migrant workers over next two months.
(Also Read: Additional Rs 30,000 Crore Allocation For NABARD Amid Coronavirus Crisis)
The announcements come at a time when millions of workers have fled large towns and cities after they lost their jobs during the lockdown, which is aimed at curbing the spread of the novel coronavirus.
The allocation is part of a Rs 20 lakh crore fiscal and monetary package to prop up the ailing economy.
The Finance Minister said street vendors and farmers will get new subsidised bank loans. Nearly 3 crore farmers have so far benefited from a three-month moratorium on bank loans amounting to Rs 4.22 lakh crore, she said.
Analysts say more details of the economic package will be watched closely for cues.
On Thursday, the Sensex had ended 885.72 points - or 2.77 per cent - lower at 31,122.89 and the Nifty settled at 9,142.75, down 240.80 points - or 2.57 per cent - from its previous close, as a selloff in financial and IT sectors dragged the markets.
