Key benchmark indices ended near the day’s low on Monday. Sentiment took a hit after Moody’s cut 2021 GDP growth forecast to 5.8% from 6.7% earlier. State-run banks, exposed to the telecom operators, tumbled after the Supreme Court refused relief and asked telecom operators to pay adjusted gross revenue (AGR) dues by 17 March. Among sectors, PSU Bank shed 3 percent, while metal, pharma, infra and energy fell 1 percent each. BSE Midcap and Smallcap indices also declined 1 percent each.
General Motors Co (N:GM) is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021. It also said China’s Great Wall Motor Co Ltd had agreed to buy GM’s Thailand car manufacturing plant and an engine factory, a transaction expected to be completed by the end of 2020.
Nifty50 closed lower at 12045.80 level, -67.65 points, or -0.56 per cent. Nifty Support : 11980 and 11930 Resistance : 12100 and 12150.
