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Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues.&nbsp;

At the index level, the benchmark S&amp;P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.6 points, or 1.13 per cent, down at 46,874.36 levels.&nbsp;

Nifty50 closed above the 13,800-mark at 13,817.5 level, down 150 points or 1.07 per cent. The index hit an intra-day low of 13,713.

In the broader market, the S&amp;P BSE MidCap index ended 0.4 per cen lower while the smallcap counterpart closed down 0.45 per cent.

(With inputs from agencies)

Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues. At the index level, the benchmark S&P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.

Domestic stock market indices ended a percent lower on Thursday dragged mainly by selling in IT stocks and PSU banks amid weak global cues. At the index level, the benchmark S&P BSE Sensex tumbled 891 points in the intra-day deals today but managed to settle 535.6 points, or 1.13 per cent, down at 46,874.36 levels. Nifty50 closed above the 13,800-mark at 13,817.5 level, down 150 points or 1.07 per cent. The index hit an intra-day low of 13,713. In the broader market, the S&P BSE MidCap index ended 0.4 per cen lower while the smallcap counterpart closed down 0.45 per cent. (With inputs from agencies)

Sensex ends 535.57 points lower, Nifty just above 13,800

With just a few days to go for India's <a href="https://www.wionews.com/topics/budget">Union Budget 2021</a>,&nbsp;Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth.

In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis.

Also read|&nbsp;<a href="https://www.wionews.com/india-news/union-budget-2021-government-may-raise-duty-on-finished-goods-and-imports-358740" hreflang="en">Union Budget 2021: Government may raise duty on finished goods and imports</a>

Here's what&nbsp;corporates, economists and market experts expect from&nbsp;2021/2022 federal budget on February&nbsp;1:

Healthcare and pharmaceuticals

The drugs industry is hoping for incentives to spur more investment in research and development (R&amp;D), via bigger tax deductions on R&amp;D spending, said Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance.

Kiran Mazumdar Shaw, chief of Biocon Ltd, hopes the government will raise healthcare spending to 2.5 per cent&nbsp;of gross domestic product by fiscal 2025 from about 1 per cent now.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2021-government-needs-credible-sources-for-additional-revenue-to-boost-economy-356849" hreflang="en">Union Budget 2021: Government needs credible sources for additional revenue to boost economy</a>

Real estate and infrastructure

The real estate and construction sector, a bellwether for the Indian economy, is hoping for tax reliefs for home buyers and regulations curbing a rise in construction costs.

Automobile industry

The automobile industry hopes for a roadmap for a recently announced production-linked incentive scheme and policy on scrapping of commercial vehicles.

Toyota Kirloskar, the Indian unit of Toyota Motor Corp, said it was looking forward to support measures for the manufacture of hybrid electric vehicles and parts.

Aviation

The aviation industry is looking for lower taxes on aviation turbine fuel and levies such as airport charges, parking and landing and navigation charges, said Moody's India unit, ICRA.

Tourism and hospitality

The National Restaurant Association of India is hoping for more liquidity support, with low collateral, and a minimum moratorium of six months.

Personal tax breaks for domestic travel would also help, said Deep Kalra, founder and top official of online booking website MakeMyTrip Ltd.

Retail

Brick-and-mortar retail firms seek a national retail policy, to help combat the growing popularity of online sellers.

"Formulation of national retail policy, removing the distinction between e-commerce and physical retail under one policy has been spoken about and we hope that this happens in FY 21," said Preet Dhupar, the chief financial officer of Ikea India.

Banking

The coronavirus brought a slump in lending by banks, and despite signs the economy is improving, the central bank has warned that the industry could see bad loans nearly double.

Some analysts expect the setting up of a so-called "bad bank", which the government will use to buy bad assets from state-owned banks. There are also expectations for moves to recapitalise state-owned banks.

Public sector banks may need a further 430 billion rupees ($5.9 billion) as capital requirement in the next financial year, ICRA said.

&nbsp;

With just a few days to go for India's Union Budget 2021, Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth. In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis.

With just a few days to go for India's Union Budget 2021, Finance Minister Nirmala Sitharaman is expected to unveil plans to boost economic growth. In Union Budget 2021, corporates and industry lobby groups expect the government to announce greater spending on healthcare and infrastructure, as well as tax breaks for the automotive, manufacturing and tourism industries, reeling from the coronavirus crisis. Also read| Union Budget 2021: Government may raise duty on finished goods and imports Here's what corporates, economists and market experts expect from 2021/2022 federal budget on February 1: Healthcare and pharmaceuticals The drugs industry is hoping for incentives to spur more investment in research and development (R&D), via bigger tax deductions on R&D spending, said Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance. Kiran Mazumdar Shaw, chief of Biocon Ltd, hopes the government will raise healthcare spending to 2.5 per cent of gross domestic product by fiscal 2025 from about 1 per cent now. Also read: Union Budget 2021: Government needs credible sources for additional revenue to boost economy Real estate and infrastructure The real estate and construction sector, a bellwether for the Indian economy, is hoping for tax reliefs for home buyers and regulations curbing a rise in construction costs. Automobile industry The automobile industry hopes for a roadmap for a recently announced production-linked incentive scheme and policy on scrapping of commercial vehicles. Toyota Kirloskar, the Indian unit of Toyota Motor Corp, said it was looking forward to support measures for the manufacture of hybrid electric vehicles and parts. Aviation The aviation industry is looking for lower taxes on aviation turbine fuel and levies such as airport charges, parking and landing and navigation charges, said Moody's India unit, ICRA. Tourism and hospitality The National Restaurant Association of India is hoping for more liquidity support, with low collateral, and a minimum moratorium of six months. Personal tax breaks for domestic travel would also help, said Deep Kalra, founder and top official of online booking website MakeMyTrip Ltd. Retail Brick-and-mortar retail firms seek a national retail policy, to help combat the growing popularity of online sellers. "Formulation of national retail policy, removing the distinction between e-commerce and physical retail under one policy has been spoken about and we hope that this happens in FY 21," said Preet Dhupar, the chief financial officer of Ikea India. Banking The coronavirus brought a slump in lending by banks, and despite signs the economy is improving, the central bank has warned that the industry could see bad loans nearly double. Some analysts expect the setting up of a so-called "bad bank", which the government will use to buy bad assets from state-owned banks. There are also expectations for moves to recapitalise state-owned banks. Public sector banks may need a further 430 billion rupees ($5.9 billion) as capital requirement in the next financial year, ICRA said.

Union Budget 2021: What Indian corporates, economists and market experts expect

British car output fell to its lowest level since 1984 last year after the #COVID19 pandemic shut factories and hurt demand.

UK car output slumps to lowest level since 1984

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Foreign direct investment (FDI) into India increased by 37 per cent to $43.85 billion during April-November 2020, according to data by the commerce and industry ministry.

Total FDI inflows (including reinvested earnings) during the eight-month period of the current fiscal grew by 22 per cent to $58.37 billion, the ministry said on Wednesday.

"FDI equity inflow received during 2020-21 (April to November, 2020) is $43.85 billion. It is the highest ever for the first 8 months of a financial year and 37 per cent more compared to the first 8 months of 2019-20 $32.11 billion," it said.

It added that FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India.

"Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country," it said.

Foreign direct investment (FDI) into India increased by 37 per cent to $43.85 billion during April-November 2020, according to data by the commerce and industry ministry.

Foreign direct investment (FDI) into India increased by 37 per cent to $43.85 billion during April-November 2020, according to data by the commerce and industry ministry. Total FDI inflows (including reinvested earnings) during the eight-month period of the current fiscal grew by 22 per cent to $58.37 billion, the ministry said on Wednesday. "FDI equity inflow received during 2020-21 (April to November, 2020) is $43.85 billion. It is the highest ever for the first 8 months of a financial year and 37 per cent more compared to the first 8 months of 2019-20 $32.11 billion," it said. It added that FDI is a major driver of economic growth and an important source of non-debt finance for the economic development of India. "Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country," it said.

FDI into India grew 37% to $43.85 billion in April-November 2020: Government

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals.

The Sensex plunged 937.66 points, or 1.94 per cent to close at 47,409.93, while the Nifty ended at 13,967.50, down 271.40 points, or 1.91 per cent. The Nifty Bank and Financial Services led the losses while the pharma, metal and auto indices also reeled under pressure.&nbsp;

In the last four days, Sensex has lost over 2,500 points in a sell-off, which some analysts have attributed to pre-Budget nervousness and broader profit booking.&nbsp;

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&amp;O expiry.

(With inputs from agencies)

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals. The Sensex plunged 937.66 points, or 1.

The domestic benchmark indices were feeble on Wednesday, down nearly 2 per cent, as selling pressure intensified in the noon deals. The Sensex plunged 937.66 points, or 1.94 per cent to close at 47,409.93, while the Nifty ended at 13,967.50, down 271.40 points, or 1.91 per cent. The Nifty Bank and Financial Services led the losses while the pharma, metal and auto indices also reeled under pressure. In the last four days, Sensex has lost over 2,500 points in a sell-off, which some analysts have attributed to pre-Budget nervousness and broader profit booking. Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry. (With inputs from agencies)

Sensex tanks 937 points; Nifty ends below 14,000

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history.

The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now-infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB.

The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary.

"The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr.

Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said.

Goldman Sachs pleaded guilty in October over its role in the scandal and agreed to pay nearly $3 billion to close US investigations.

(With inputs from agencies)

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history.

Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history. The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now-infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB. The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary. "The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr. Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said. Goldman Sachs pleaded guilty in October over its role in the scandal and agreed to pay nearly $3 billion to close US investigations. (With inputs from agencies)

1MDB bribery scandal: $10 million pay-cut for Goldman Sachs CEO David Solomon

Having fired up hopes for populist measures with talk of delivering a "budget like never before", Finance Minister Nirmala&nbsp;Sitharaman&nbsp;will need to find credible sources for additional revenue for boosting the economy.

The government has raised just over 138 billion rupees out of the 2.1 trillion rupees ($28.72 billion) divestment target for the current year. It expects to end FY21 with not more than 300 billion rupees, according to government officials.

<a href="https://www.wionews.com/business-economy/union-budget-2021-government-mulls-covid-cess-to-boost-revenue-356420">Also Read:&nbsp;Union Budget 2021: Government mulls COVID cess to boost revenue</a>

"It will be hard for the finance minister to find resources. But she will get some help from the economic revival that will likely increase some tax revenue," said N.R. Bhanumurthy, economist and vice-chancellor at Bengaluru-based B.R Ambedkar School of Economics.

Last month,&nbsp;Sitharaman&nbsp;held the 11th pre-budget consultations with experts in the field of infrastructure, energy and climate change, in view of the forthcoming Union Budget 2021-22.

It&nbsp;could raise over 1 trillion rupees from privatisation of Air India, Bharat Petroleum Corp Ltd, Container Corp. of India and Shipping Corp. of India in the first six months of the fiscal year beginning in April.

Though, finding investors for the national carrier, Air India could be challenging in these restricted travel, COVID-19 times.

"There might be overtures to compensate for this year's revenue shortfall by an increase in taxation for high net worth individuals as well as sin taxes," said Radhika Rao, an economist at DBS, referencing taxes on items such as tobacco and alcohol.

<a href="https://www.wionews.com/business-economy/union-budget-2021-goes-paperless-hard-copies-not-to-be-printed-for-first-time-in-history-356417">Also Read:&nbsp;Union Budget 2021 goes paperless</a>

Long-term budget

Sitharaman&nbsp;in an interview said she plans to lift spending, otherwise, it would completely undermine a government relief programme brought in last year to sustain poor families and small businesses.

Addressing a Confederation of Indian Industry conference last month,&nbsp;Sitharaman&nbsp;also excited expectations for a big-bang budget filled with sops by saying India was set to see a "budget like never before".

The government would like to use the budget as the path to launch three to four years of high growth, said the third official, stressing that the increase in spending would not be taken to unsustainable levels.

"So, all the funds announced would not be for this year. For this year we could have growth in expenditure for sure, but the funds announced in the budget would be for years ahead."

The government's fiscal deficit for the year ending March is expected to be over 7 per cent, and more than double the budgeted estimate.

India needs annual economic growth of over 8 per cent&nbsp;to create enough jobs for the millions of young people joining the labour force each month.

According to the Central Statistics Office, India's economy is expected to contract 7.7 per cent in the current financial year ending in March.

"Hope hinges on the government to increase its spending to revive the private sector sentiment, overall demand and largely private investment," said Arun Singh, global chief economist at Dun and Bradstreet.

&nbsp;

Having fired up hopes for populist measures with talk of delivering a "budget like never before", Finance Minister Nirmala Sitharaman will need to find credible sources for additional revenue for boosting the economy.

Having fired up hopes for populist measures with talk of delivering a "budget like never before", Finance Minister Nirmala Sitharaman will need to find credible sources for additional revenue for boosting the economy. The government has raised just over 138 billion rupees out of the 2.1 trillion rupees ($28.72 billion) divestment target for the current year. It expects to end FY21 with not more than 300 billion rupees, according to government officials. Also Read: Union Budget 2021: Government mulls COVID cess to boost revenue "It will be hard for the finance minister to find resources. But she will get some help from the economic revival that will likely increase some tax revenue," said N.R. Bhanumurthy, economist and vice-chancellor at Bengaluru-based B.R Ambedkar School of Economics. Last month, Sitharaman held the 11th pre-budget consultations with experts in the field of infrastructure, energy and climate change, in view of the forthcoming Union Budget 2021-22. It could raise over 1 trillion rupees from privatisation of Air India, Bharat Petroleum Corp Ltd, Container Corp. of India and Shipping Corp. of India in the first six months of the fiscal year beginning in April. Though, finding investors for the national carrier, Air India could be challenging in these restricted travel, COVID-19 times. "There might be overtures to compensate for this year's revenue shortfall by an increase in taxation for high net worth individuals as well as sin taxes," said Radhika Rao, an economist at DBS, referencing taxes on items such as tobacco and alcohol. Also Read: Union Budget 2021 goes paperless Long-term budget Sitharaman in an interview said she plans to lift spending, otherwise, it would completely undermine a government relief programme brought in last year to sustain poor families and small businesses. Addressing a Confederation of Indian Industry conference last month, Sitharaman also excited expectations for a big-bang budget filled with sops by saying India was set to see a "budget like never before". The government would like to use the budget as the path to launch three to four years of high growth, said the third official, stressing that the increase in spending would not be taken to unsustainable levels. "So, all the funds announced would not be for this year. For this year we could have growth in expenditure for sure, but the funds announced in the budget would be for years ahead." The government's fiscal deficit for the year ending March is expected to be over 7 per cent, and more than double the budgeted estimate. India needs annual economic growth of over 8 per cent to create enough jobs for the millions of young people joining the labour force each month. According to the Central Statistics Office, India's economy is expected to contract 7.7 per cent in the current financial year ending in March. "Hope hinges on the government to increase its spending to revive the private sector sentiment, overall demand and largely private investment," said Arun Singh, global chief economist at Dun and Bradstreet.

Union Budget 2021: Government needs credible sources for additional revenue to boost economy

According to Central Statistics Office, India's economy is expected to contract 7.7 per cent in the current financial year ending in March as finance minister Nirmala Sitharaman&nbsp;gets set to present the Union Budget 2020-21 on February amid the coronavirus pandemic.

<a href="https://www.wionews.com/business-economy/union-budget-2021-government-mulls-covid-cess-to-boost-revenue-356420">Also Read:&nbsp;Union Budget 2021: Government mulls COVID cess to boost revenue</a>

India's finance minister Nirmala Sitharaman&nbsp;is widely expected to increase spending on infrastructure and boost manufacturing.&nbsp;

The Indian economy had contracted 23.9 per cent in the April-June quarter last year as the country entered lockdown which reduced to 7.5 per cent in the September quarter as many sectors of the economy opened.

The Indian economy had grown 4.2 per cent in the fiscal year 2019-20. India is one of the worst-hit country due to the virus with over 10.4 million cases and over 151,525 fatalities with the economy hit hard due to the virus with millions losing jobs.

<a href="https://www.wionews.com/business-economy/union-budget-2021-goes-paperless-hard-copies-not-to-be-printed-for-first-time-in-history-356417">Also Read:&nbsp;Union Budget 2021 goes paperless</a>

India is among the worst-performing economies in the world with the country entering a "technical recession" for the first time since 1947 as the hospitality and construction sectors nosedived amid the virus lockdown.

India's farming sector continued to grow amid the virus crisis even as the manufacturing sector also increased during the July-September quarter after plunging nearly 40 per cent during the lockdown period last year.

The International Monetary Fund(IMF) had predicted India's economy would contract 10.3 per cent in 2020. A report by Oxford Economics had earlier projected India's annual output would be 12 per cent below pre-virus levels through 2025 as the country continues to grapple with the virus.

The government last year had announced new measures to support the manufacturing sector and create jobs as the country faced a "technical recession" as India's Reserve Bank had said that "contraction is ebbing with gradual normalisation in activities and expected to be short-lived".

The RBI had asserted that Indian households and corporations continued to face financial stress.

According to Central Statistics Office, India's economy is expected to contract 7.7 per cent in the current financial year ending in March as finance minister Nirmala Sitharaman gets set to present the Union Budget 2020-21 on February amid the coronavirus pandemic.

According to Central Statistics Office, India's economy is expected to contract 7.7 per cent in the current financial year ending in March as finance minister Nirmala Sitharaman gets set to present the Union Budget 2020-21 on February amid the coronavirus pandemic. Also Read: Union Budget 2021: Government mulls COVID cess to boost revenue India's finance minister Nirmala Sitharaman is widely expected to increase spending on infrastructure and boost manufacturing. The Indian economy had contracted 23.9 per cent in the April-June quarter last year as the country entered lockdown which reduced to 7.5 per cent in the September quarter as many sectors of the economy opened. The Indian economy had grown 4.2 per cent in the fiscal year 2019-20. India is one of the worst-hit country due to the virus with over 10.4 million cases and over 151,525 fatalities with the economy hit hard due to the virus with millions losing jobs. Also Read: Union Budget 2021 goes paperless India is among the worst-performing economies in the world with the country entering a "technical recession" for the first time since 1947 as the hospitality and construction sectors nosedived amid the virus lockdown. India's farming sector continued to grow amid the virus crisis even as the manufacturing sector also increased during the July-September quarter after plunging nearly 40 per cent during the lockdown period last year. The International Monetary Fund(IMF) had predicted India's economy would contract 10.3 per cent in 2020. A report by Oxford Economics had earlier projected India's annual output would be 12 per cent below pre-virus levels through 2025 as the country continues to grapple with the virus. The government last year had announced new measures to support the manufacturing sector and create jobs as the country faced a "technical recession" as India's Reserve Bank had said that "contraction is ebbing with gradual normalisation in activities and expected to be short-lived". The RBI had asserted that Indian households and corporations continued to face financial stress.

Union Budget 2021: India's finance minister Nirmala Sitharaman may increase spending on infrastructure and boost manufacturing

According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22.

<a href="https://www.wionews.com/business-economy/union-budget-2021-goes-paperless-hard-copies-not-to-be-printed-for-first-time-in-history-356417">Also Read:&nbsp;Union Budget 2021 goes paperless; hard copies not to be printed</a>

Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh. The Indian Revenue Service (IRS) had last year proposed 4 per cent "Covid relief cess" in April as India entered lockdown.

IRS officers had said in its report that it could fetch the exchequer between ₹15,000 crore and ₹18,000 crore. The IRS had also proposed a new tax saving scheme "Covid savings certificates" for investments up to ₹2,50,000 with a 5-year lock-in period.

Experts had also proposed cess on tobacco products amid the pandemic. Several states had imposed COVID tax to boost revenue stream as health services felt the pressure.

The Jharkhand government had introduced COVID cess&nbsp;on minerals and the Delhi's Arvind Kejriwal government had imposed 70 per cent corona cess on liquor which was later withdrawn.&nbsp;

India is set to begin its vaccination drive on January 16 as Asia's third-largest economy has been gradually recovering from a coronavirus-induced recession as the virus shrank the economy in the last two quarters.

According to SBI (State Bank of India) research, the government would need Rs 21,000-27,000 crore to vaccinate 30 crore people in the first phase and would need another Rs 35,000-45,000 crore to vaccinate 50 crore people which is around 0.3-0.4 per cent of India's Gross Domestic Product (GDP).

The government will present its Budget on February 1.&nbsp;

According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22. Also Read: Union Budget 2021 goes paperless; hard copies not to be printed Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh.

According to reports, the government is mulling one-time coronavirus relief cess of upto 2 per cent to garner revenue in the Union Budget for 2021-22. Also Read: Union Budget 2021 goes paperless; hard copies not to be printed Reports say the cess will be imposed on taxable income on those who earn above Rs 10 lakh. The Indian Revenue Service (IRS) had last year proposed 4 per cent "Covid relief cess" in April as India entered lockdown. IRS officers had said in its report that it could fetch the exchequer between ₹15,000 crore and ₹18,000 crore. The IRS had also proposed a new tax saving scheme "Covid savings certificates" for investments up to ₹2,50,000 with a 5-year lock-in period. Experts had also proposed cess on tobacco products amid the pandemic. Several states had imposed COVID tax to boost revenue stream as health services felt the pressure. The Jharkhand government had introduced COVID cess on minerals and the Delhi's Arvind Kejriwal government had imposed 70 per cent corona cess on liquor which was later withdrawn. India is set to begin its vaccination drive on January 16 as Asia's third-largest economy has been gradually recovering from a coronavirus-induced recession as the virus shrank the economy in the last two quarters. According to SBI (State Bank of India) research, the government would need Rs 21,000-27,000 crore to vaccinate 30 crore people in the first phase and would need another Rs 35,000-45,000 crore to vaccinate 50 crore people which is around 0.3-0.4 per cent of India's Gross Domestic Product (GDP). The government will present its Budget on February 1.

Union Budget 2021: Government mulls COVID cess to boost revenue

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks.&nbsp;

BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%).

Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&amp;O expiry.

Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.

Indian equity markets were closed on Tuesday for the Republic Day.

Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains.

(With inputs from agencies)

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels.

The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks. BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%). Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry. Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed. Indian equity markets were closed on Tuesday for the Republic Day. Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains. (With inputs from agencies)

Sensex cracks 600 points, Nifty nears 14,050 amid a selloff in financial stocks

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India Budget 2021: Vaccines are here, will economic recovery follow?

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days.

After a welcome address by WEF Founder and Executive Chairman Klaus Shwab, Swiss President Parmelin delivered a special address, followed by annual Crystal Awards and the premier of 'See Me: A Global Concert'.

The concert was presented as a shared expression of trust, connection and hope and it features orchestras and choirs in Beijing, Drakensberg, Florence, Kabul, Philadelphia, Vienna and Sao Paulo, with the cellist Yo-Yo Ma and music director Marin Alsop.

The concert was filmed on location despite the COVID-19 challenges.

In what could be the first major global summit of the year, the event will see more than 1,000 global leaders, including heads of state and government, CEOs and chairmen of big companies, heads of multilateral organisations as also members of academia and civil society, discuss economic, environmental, social and technological challenges following the COVID-19 pandemic.

The WEF said there would be 15 special addresses from G20 heads of state and government and international organisations during the summit that will continue till January 29.

Prime Minister Narendra Modi will deliver his address on Thursday.

Agriculture Minister Narendra Singh Tomar, Health Minister Harsh Vardhan and Petroleum and Steel Minister Dharmendra Pradhan, as also business leaders such as Anand Mahindra, Salil Parekh and Shobana Kamineni would be among other speakers from India.

While the WEF will host its physical annual meeting in May in Singapore, as against the regular venue of the Swiss ski resort town of Davos, the Geneva-based organisation is hosting this online event, named 'Davos Agenda' around the same time it generally hosts its yearly congregation of the rich and powerful of the world.

The event has been billed as a platform that will see top world leaders deliver special addresses and engage in dialogue with business leaders at the start of a "crucial year to rebuild trust".

Chinese President Xi Jinping will deliver a special address on Monday, while the day will also see several sessions including on the COVID-19 crisis, restoring economic growth and stakeholder capitalism.

United Nations Secretary-General Antonio Guterres will also address a session.

On Tuesday, the speakers would include South Africa President Cyril Ramaphosa, European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron, as also IMF chief Kristalina Georgieva.

Republic of Korea President Moon Jae-in, Italy Prime Minister Giuseppe Conte and Israeli Prime Minister Benjamin Netanyahu are among the listed speakers for Wednesday.

On Thursday, in addition to Modi, Jordan King Abdullah II ibn Al Hussein and Argentine President Alberto Fernandez will also deliver their special addresses.

Singapore's Prime Minister Lee Hsien Loong and Japan's Prime Minister Yoshihide Suga will speak on Friday, the last day of the summit.

On Monday, Schwab will also release his latest book, titled 'Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet.

' It explores how societies can build the future post-COVID and builds on the WEF's 50-year-old advocacy of the stakeholder approach.

Other major speakers would include Christine Lagarde, Bill Gates, Punit Renjen of Deloitte, Brian T Moynihan of Bank of America, Al Gore, Ishaan Tharoor, Mark Carney, Angel Gurria of OECD, Ajay Banga, K T Rama Rao, Masayoshi Son of Softbank and Tedros Adhanom Ghebreyesus of the WHO.

The list of registered participants also include Union ministers Nitin Gadkari, Smriti Irani and Piyush Goyal, along with top business leaders such as Mukesh Ambani, Gautam Adani, Ravi Ruia, Rishad Premji, Pawan Munjal, Rajan Mittal, Sunil Mittal, Ajay Khanna, Ajit Gulabchand, Hari S Bhartia and Sanjiv Bajaj.

Former RBI Governor Raghuram Rajan, Tata Steel CEO T Narendran and Walmart CEO Doug McMillon are also among registered participants.

The WEF's Davos 2020 summit was the last major global event that took place before almost the entire world got locked down due to the COVID-19 pandemic.

The 'Davos Agenda' will also mark the launch of WEF's "Great Reset Initiative'' and begin the preparation of the special Annual Meeting in the spring, said the Geneva-based entity, which describes itself as an international organisation for public-private cooperation.

Industry leaders and public figures will discuss how to advance and accelerate public-private collaboration on critical issues such as COVID-19 vaccination, job creation and climate change, among others, according to the WEF.

While the WEF annual meeting for 2021 will be held during May 13-16 in Singapore, the high-profile summit will return to Davos in 2022.

The conclusions from the Davos Agenda week will feed into task forces working on global issues for the upcoming Special Annual Meeting in Singapore, the WEF said.

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days.

The World Economic Forum's online Davos Agenda Summit began on Sunday night with the premier of a concert filmed during the coronavirus pandemic in different parts of the world and the event will see top global leaders, including Prime Minister Narendra Modi and Chinese President Xi Jinping, speak on the state of the world over the next five days. After a welcome address by WEF Founder and Executive Chairman Klaus Shwab, Swiss President Parmelin delivered a special address, followed by annual Crystal Awards and the premier of 'See Me: A Global Concert'. The concert was presented as a shared expression of trust, connection and hope and it features orchestras and choirs in Beijing, Drakensberg, Florence, Kabul, Philadelphia, Vienna and Sao Paulo, with the cellist Yo-Yo Ma and music director Marin Alsop. The concert was filmed on location despite the COVID-19 challenges. In what could be the first major global summit of the year, the event will see more than 1,000 global leaders, including heads of state and government, CEOs and chairmen of big companies, heads of multilateral organisations as also members of academia and civil society, discuss economic, environmental, social and technological challenges following the COVID-19 pandemic. The WEF said there would be 15 special addresses from G20 heads of state and government and international organisations during the summit that will continue till January 29. Prime Minister Narendra Modi will deliver his address on Thursday. Agriculture Minister Narendra Singh Tomar, Health Minister Harsh Vardhan and Petroleum and Steel Minister Dharmendra Pradhan, as also business leaders such as Anand Mahindra, Salil Parekh and Shobana Kamineni would be among other speakers from India. While the WEF will host its physical annual meeting in May in Singapore, as against the regular venue of the Swiss ski resort town of Davos, the Geneva-based organisation is hosting this online event, named 'Davos Agenda' around the same time it generally hosts its yearly congregation of the rich and powerful of the world. The event has been billed as a platform that will see top world leaders deliver special addresses and engage in dialogue with business leaders at the start of a "crucial year to rebuild trust". Chinese President Xi Jinping will deliver a special address on Monday, while the day will also see several sessions including on the COVID-19 crisis, restoring economic growth and stakeholder capitalism. United Nations Secretary-General Antonio Guterres will also address a session. On Tuesday, the speakers would include South Africa President Cyril Ramaphosa, European Commission President Ursula von der Leyen, German Chancellor Angela Merkel, French President Emmanuel Macron, as also IMF chief Kristalina Georgieva. Republic of Korea President Moon Jae-in, Italy Prime Minister Giuseppe Conte and Israeli Prime Minister Benjamin Netanyahu are among the listed speakers for Wednesday. On Thursday, in addition to Modi, Jordan King Abdullah II ibn Al Hussein and Argentine President Alberto Fernandez will also deliver their special addresses. Singapore's Prime Minister Lee Hsien Loong and Japan's Prime Minister Yoshihide Suga will speak on Friday, the last day of the summit. On Monday, Schwab will also release his latest book, titled 'Stakeholder Capitalism: A Global Economy that Works for Progress, People and Planet. ' It explores how societies can build the future post-COVID and builds on the WEF's 50-year-old advocacy of the stakeholder approach. Other major speakers would include Christine Lagarde, Bill Gates, Punit Renjen of Deloitte, Brian T Moynihan of Bank of America, Al Gore, Ishaan Tharoor, Mark Carney, Angel Gurria of OECD, Ajay Banga, K T Rama Rao, Masayoshi Son of Softbank and Tedros Adhanom Ghebreyesus of the WHO. The list of registered participants also include Union ministers Nitin Gadkari, Smriti Irani and Piyush Goyal, along with top business leaders such as Mukesh Ambani, Gautam Adani, Ravi Ruia, Rishad Premji, Pawan Munjal, Rajan Mittal, Sunil Mittal, Ajay Khanna, Ajit Gulabchand, Hari S Bhartia and Sanjiv Bajaj. Former RBI Governor Raghuram Rajan, Tata Steel CEO T Narendran and Walmart CEO Doug McMillon are also among registered participants. The WEF's Davos 2020 summit was the last major global event that took place before almost the entire world got locked down due to the COVID-19 pandemic. The 'Davos Agenda' will also mark the launch of WEF's "Great Reset Initiative'' and begin the preparation of the special Annual Meeting in the spring, said the Geneva-based entity, which describes itself as an international organisation for public-private cooperation. Industry leaders and public figures will discuss how to advance and accelerate public-private collaboration on critical issues such as COVID-19 vaccination, job creation and climate change, among others, according to the WEF. While the WEF annual meeting for 2021 will be held during May 13-16 in Singapore, the high-profile summit will return to Davos in 2022. The conclusions from the Davos Agenda week will feed into task forces working on global issues for the upcoming Special Annual Meeting in Singapore, the WEF said.

World Economic Forum's online Davos summit begins; PM Modi to address on January 28

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues.

Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent).

The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent.

Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97.

Global markets

Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.&nbsp;

MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks.

In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent.

(With inputs from Reuters)

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.

Domestic stock market indices have been witnessing volatility since morning, amid mixed global cues. Sensex settled the session at 48,347.6 levels, down 531 points or 1.09 per cent, dragged by Reliance Industries (down 5.6 per cent), IndusInd Bank (down 5.5 per cent), HCL Tech (down 3.86 per cent), and HDFC (down 1 per cent). The Nifty50, meanwhile, gave up the 14,250-mark and closed at 14,239 levels, down 133 points or 0.93 per cent. Meanwhile, Indian rupee traded at 72.90 per dollar, amid a sell-off in domestic equities. The unit had opened flat at 72.95 per dollar against Friday's close of 72.97. Global markets Asian shares climbed to near all-time highs on Monday as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose to 726.46, while Japan's Nikkei rebounded from falls in early trading to be up 0.7 per cent. Australian shares added 0.4 per cent after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with a phased rollout likely late next month. Chinese shares rose, with the blue-chip CSI300 index up 1.1 per cent. Hong Kong’s Hang Seng index leapt nearly 2 per cent led by technology stocks. In Europe, stocks rose as gains in technology shares and upbeat earnings reports helped investors look past the possibility of extended lockdowns. The pan-European STOXX 600 index rose 0.4 per cent. (With inputs from Reuters)

Sensex tanks over 500 points, Nifty ends below 14,250

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress.

"We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters.

"What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added.

Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year.

The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May.

The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic.

Davos in Switzerland is normally very crowded at this time of the year thanks to World Economic Forum (WEF). However, the streets of the ski resort are deserted this year as WEF went online this time due to coronavirus pandemic. This year, world's great and good will interact virtually. There is no shortage of topics as the world economy is in deep crisis after a year marred by the COVID crisis. Soaring unemployment and debt levels, growing income inequality and climate change have proven to be great impediments in global progress. "We have practically assembled the same high level - and also amount - of global decision-makers for politics, business, society as we usually do in Davos." said WEF chief Klaus Schwab in an interview with Reuters. "What makes Davos different is that you do not just have some heads of state or some top business leaders, you have practically everyone who counts coming together," he added. Heads of states, CEOs, civil society leaders, global media and youth leaders from Africa, Asia, Europe, Middle East, Latin America and North America will attend the WEF virtually this year. The WEF is hoping that normalcy returns and has planned a face-to-face meeting in Singapore in May. The World Economic Forum 2021 kicks off on Monday (January 25) and ends on Friday (January 29).

Empty streets in Davos as World Economic Forum goes virtual

The latest setback comes amid deepening uncertainty over the outlook for airlines, notably in Europe.

Airbus slows A320 ramp-up on weaker market outlook

Nissan’s marketing and distribution in the country will continue through imports from its Thailand and Japan manufacturing sites.

Nissan to end car assembly in Philippines, marketing and distribution operations will continue

The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched record highs.

Wall Street hits record after President Joe Biden takes office

United Airlines Holdings Inc on Wednesday reported a fourth straight quarterly loss as the coronavirus pandemic.

United Airlines pledges more cost cuts post fourth straight quarterly loss

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8.

The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency.

During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities.

"I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve.

Also Read | <a href="https://www.wionews.com/business-economy/sensex-crosses-historic-50000-mark-358239">Sensex crosses historic 50,000-mark</a>

Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact.

"The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take.

"We do think it's probably still just a lapse in momentum rather than a sea change, though," he said.

(With Reuters inputs)

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation.

Bitcoin slumped 10% on Thursday to the lowest point in last 10 day. The cryptocurrency has retreated further from record highs as traders increasingly cite fears of tighter US regulation. The world's most popular cryptocurrency Bitcoin was last down 7.5% at $32,779 after falling as low as $31,977. It has lost nearly a quarter since touching a record $42,000 on Jan. 8. The fall has come amid growing concerns that bitcoin was one of financial market price bubbles. In addition to this, there have been fears that US President Joe Biden's administration could try to regulate cryptocurrency. During a Senate hearing on Tuesday Janet Yellen, Biden's pick to head the U.S. Treasury, expressed concerns that cryptocurrencies could be used to finance illegal activities. "I think many are used, at least in a transactions sense, mainly for illicit financing, and I think we really need to examine ways in which we can curtail their use and make sure that money laundering does not occur through these channels," said the former chair of the U.S. Federal Reserve. Also Read | Sensex crosses historic 50,000-mark Joseph Edwards of cryptocurrency broker Enigma Securities said these comments had a substantial impact. "The action over the last 36 hours or so has largely been rippling outwards from the Janet Yellen comments on crypto," he said, adding that it was still unclear exactly what, if any, moves the Biden administration would take. "We do think it's probably still just a lapse in momentum rather than a sea change, though," he said. (With Reuters inputs)

Bitcoin falls 10 per cent to a 10-day low

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The Sensex rose 50057.32 rising 230.69 points&nbsp;in early morning trade amid strong global cues.&nbsp;Nifty surged&nbsp;72.95 points&nbsp;to record 14,717.65.

The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday.

The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy.&nbsp;&nbsp;Reliance shares had risen&nbsp;1.7 per cent&nbsp;after Indian stock exchanges on Wednesday

President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The BSE Sensex crossed the historic 50,000-mark on Thursday boosted by Reliance Industries after the country's stock exchanges approved its deal with Future Group. The Sensex rose 50057.32 rising 230.69 points in early morning trade amid strong global cues. Nifty surged 72.95 points to record 14,717.65. The 30-share BSE Sensex had advanced by 393.83 to close at a fresh record of 49,792.12 on Wednesday. The NSE Nifty had surged 123.55 points to settle at a lifetime high of 14,644.70 after US Treasury Secretary nominee Janet Yellen called for a stimulus to protect the US economy. Reliance shares had risen 1.7 per cent after Indian stock exchanges on Wednesday President-elect Joe Biden, who will be sworn into office on Wednesday has laid out a $1.9 trillion stimulus package proposal to boost the economy.

Sensex crosses historic 50,000-mark

As COVID-19 vaccines roll out, airlines are hoping for a significant improvement in domestic air travel by the summer.

Some U.S. airlines resume pilot hiring, eyeing a recovery

FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments.

FedEx Express unveils plan to lay off up to 6,300 employees

Bank of America relies on higher interest rates to drive its profit growth as it has a large pool of deposits and rate-sensitive mortgage securities.

Bank of America profit falls as consumer banking business falters

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red.

The BSE Sensex, which seemed well on course to reach the 50,000 mark, fell over 500 points during the day.

Sensex closed at 49,034.67, lower by 549.49 points, or 1.11 per cent, from its previous close of 49,584.16. It had opened at 49,656.71 and recorded an intra-day high of 49,656.71 and a low of 48,795.79 points.

The Nifty50 on the National Stock Exchange closed at 14,433.70, lower by 161.90 points, or 1.11 per cent, from its previous close.

Global markets

Prospects of tighter lockdowns in Germany and France as well as new Covid-19 restrictions in China cut into optimism about a global economic recovery. The pan-European STOXX 600 index fell 0.5 per cent.&nbsp;

The German DAX was down 0.5 per cent and France's CAC 40 fell 0.6 per cent. UK's FTSE 100 also declined 0.6 per cent despite data showing that Britain’s economy recorded a smaller-than-expected contraction in November.

Meanwhile, Asian stocks had initially firmed on Thursday on a report that the stimulus package could be as big as $2 trillion, much more than markets were expecting. However, shares later erased gains with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.59 per cent.

Chinese blue-chips shed 0.97 per cent amid worries over rising COVID-19 cases in China, and after the Chinese central bank drained liquidity from the country's banking system, suggesting a tightening bias in monetary policy.

(With inputs from Reuters)

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red.

The domestic stock market indices ended Friday's session lower, down over 1 per cent, triggered by an across-the-board sell-off that saw all the Nifty sectoral indices ending the session in the red. The BSE Sensex, which seemed well on course to reach the 50,000 mark, fell over 500 points during the day. Sensex closed at 49,034.67, lower by 549.49 points, or 1.11 per cent, from its previous close of 49,584.16. It had opened at 49,656.71 and recorded an intra-day high of 49,656.71 and a low of 48,795.79 points. The Nifty50 on the National Stock Exchange closed at 14,433.70, lower by 161.90 points, or 1.11 per cent, from its previous close. Global markets Prospects of tighter lockdowns in Germany and France as well as new Covid-19 restrictions in China cut into optimism about a global economic recovery. The pan-European STOXX 600 index fell 0.5 per cent. The German DAX was down 0.5 per cent and France's CAC 40 fell 0.6 per cent. UK's FTSE 100 also declined 0.6 per cent despite data showing that Britain’s economy recorded a smaller-than-expected contraction in November. Meanwhile, Asian stocks had initially firmed on Thursday on a report that the stimulus package could be as big as $2 trillion, much more than markets were expecting. However, shares later erased gains with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.59 per cent. Chinese blue-chips shed 0.97 per cent amid worries over rising COVID-19 cases in China, and after the Chinese central bank drained liquidity from the country's banking system, suggesting a tightening bias in monetary policy. (With inputs from Reuters)

Sensex ends 549 points lower, as global mood changes confidence 

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling.

It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. "The bad news is that the continued drop in our BofA India Activity Indicator reinforces our view that the economy still remains weak," the brokerage said in a note.

The indicator fell by (-) 0.6 per cent in November on top of the (-) 0.8 per cent in October, and 4.6 per cent drop in the September quarter, it said, adding, "this supports our call of GVA (gross value added) contractions of (-)1 per cent in the December quarter and (-) 6.7 per cent in FY21".

On the credit growth front, it said the rise in banking system advances seems to have bottomed out and the system will close with a growth of 6.2 per cent in the financial year 2021. It said that the credit growth for financial year 2022 will come at 12 per cent.

It can be noted that credit growth had been declining for the last few years, in sync with a dip in the overall economic growth which has been on the downward spiral since demonetisation in late 2016 as borrowers went slow on expansion.

The brokerage said that the real lending rates adjusted for WPI will be one of the prime reasons for the faster credit growth estimate in financial year 2022.

Nominal MCLR (marginal cost of funding based lending rate) is down 1.45 per cent since March 2019 and the real MCLR (adjusted for WPI) is down 1.50 per cent on RBI easing and the core WPI inflation inching up further to 3.1 per cent from 2.3 per cent in November 2020.

The RBI has cut interest rates in two moves after the emergence of the pandemic but has kept rates on hold for the last three consecutive policy reviews because of high consumer price inflation.

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling.

American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling. It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. "The bad news is that the continued drop in our BofA India Activity Indicator reinforces our view that the economy still remains weak," the brokerage said in a note. The indicator fell by (-) 0.6 per cent in November on top of the (-) 0.8 per cent in October, and 4.6 per cent drop in the September quarter, it said, adding, "this supports our call of GVA (gross value added) contractions of (-)1 per cent in the December quarter and (-) 6.7 per cent in FY21". On the credit growth front, it said the rise in banking system advances seems to have bottomed out and the system will close with a growth of 6.2 per cent in the financial year 2021. It said that the credit growth for financial year 2022 will come at 12 per cent. It can be noted that credit growth had been declining for the last few years, in sync with a dip in the overall economic growth which has been on the downward spiral since demonetisation in late 2016 as borrowers went slow on expansion. The brokerage said that the real lending rates adjusted for WPI will be one of the prime reasons for the faster credit growth estimate in financial year 2022. Nominal MCLR (marginal cost of funding based lending rate) is down 1.45 per cent since March 2019 and the real MCLR (adjusted for WPI) is down 1.50 per cent on RBI easing and the core WPI inflation inching up further to 3.1 per cent from 2.3 per cent in November 2020. The RBI has cut interest rates in two moves after the emergence of the pandemic but has kept rates on hold for the last three consecutive policy reviews because of high consumer price inflation.

Indian economy 'weak', credit growth bottoming out: US brokerage firm report