Mumbai (Maharashtra) [India], Jan 21 (ANI): Equity benchmark indices traded lower on Tuesday amid a slew of weak corporate earnings while the International Monetary Fund (IMF) cut its growth forecast for global and Indian economies.
The Washington-based institution lowered India's economic growth forecast to 4.8 per cent for the current fiscal year (2019-20) and 5.8 per cent in the next (2020-21) due to on-going crisis in the non-banking financial sector and weak rural demand.
It also lowered its 2020 global economic growth forecast to 3.3 per cent from 3.4 per cent estimated previously in October -- mostly due to a sharp slowdown in India and other emerging markets.
The BSE S&P Sensex closed 205 points lower at 41,324 while the Nifty 50 slipped by 55 points at 12,170. Except for Nifty pharma and media, all sectoral indices at the National Stock Exchange were in the red.
Among stocks, Tata Steel tumbled by 3.29 per cent to Rs 474.50 per share while JSW Steel lowered by 1.68 per cent at Rs 266.80 per share. Auto stocks were also down with Tata Motors slipping by 2.4 per cent, Mahindra & Mahindra by 2.8 per cent, Maruti by 2 per cent and Eicher Motors by 1.7 per cent.
Among the other prominent losers were Asian Paints, IndianOil Corporation, Vedanta and Power Grid Corporation.
However, Bharti Infratel gained by 8.6 per cent after the Supreme Court agreed to hear the modification plea filed by telecom operators Vodafone Idea, Bharti Airtel and Tata Teleservices on giving them more time to pay off adjusted gross revenue (AGR) related dues which total over Rs one lakh crore. The deadline to pay off these dues is 23 January.
Zee Entertainment, Bharat Petroleum Corporation, Coal India and Kotak Mahindra Bank also showed gains.
Meanwhile, Asian shares rose cautiously lacking any lead from Wall Street and after the IMF revised outlook for world growth this year. Concerns also mounted about a new strain of pneumonia in China, sending a ripple of risk aversion through markets.
Hong Kong, which suffered badly during the SARS outbreak, saw its index fall by 2.81 per cent while Japan's Nikkei lost by 0.93 per cent, Kospi by over 1 per cent and Shanghai Composite by 1.41 per cent. (ANI)