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  • 2020-09-13
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 Friday turned out to be a volatile session for Indian equity benchmarks, with both Sensex and Nifty ending flat with a positive bias. Key indices made a cautious start of the trading day, as domestic sentiments got hurt with ratings agency Crisil’s report that the Indian economy will contract by 9 per cent in 2020-21 as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support. Adding more pessimism among market participants,

Markets remained sluggish for the whole day, as IMF has said the impact of COVID-19 pandemic is significant on India's development and the immediate priority is a coordinated policy response. Some concerns came with rating agency ICRA’s report that asset reconstruction companies are facing slowdown in recoveries from bad loans procured from banks due to failed auctions, absence of bidders and delay in payments amid COVID-19 pandemic. But, indices managed to end in green, as India and China have agreed on a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier.

On the global front, European markets were trading mostly in red as doubts about extra monetary stimulus and overnight falls in U.S. big tech shares kept investors on edge. Asian markets ended mostly higher on Friday, after Malaysia's industrial production returned to growth in July for the first time since February as restrictions to curb the spread of coronavirus were relaxed. The data from the Department of Statistics showed that industrial production grew 1.2 percent on a yearly basis in July, following a 0.4 percent drop in June. The annual growth was driven by a 2.9 percent rise inmanufacturing Output percent and 5.1 percent, respectively.

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