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In a volatile session, Markets erased their gain to turn negative in afternoon deals amid fears of foreign fund outflows after yield on 10-year US bonds spiked above 1.7 per cent mark. Also, increasing concerns pertaining to the recent surge in coronavirus cases and localized lockdown at certain part of the country have dented investors’ sentiments in domestic markets. In scrip specific development, Future Group companies, including Future Retail and Future Consumer, dropped nearly 10% each as Indian court restrained Future Group chief Kishore Biyani from selling his personal assets following Amazon.com Inc’s challenge against the Indian group’s $3.4 billion sale of its retail business to Reliance Industries. On the global front, Asian markets were trading mostly lower after rising U.S. bond yields dampened buying enthusiasm driven by the Federal Reserve's promise of low interest rates.

Back home, the BSE Sensex is currently trading at 49107.26, down by 109.26 points or 0.22% after trading in a range of 48586.93 and 49537.70. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.46%, while Small cap index was down by 1.20%.

The top gaining sectoral indices on the BSE were FMCG up by 1.50%, Power up by 1.01%, Utilities up by 0.73%, Telecom up by 0.57% and TECK was up by 0.17%, while Realty down by 2.53%, Capital Goods down by 1.59%, Industrials down by 1.59%, Auto down by 1.50%, Consumer Discretionary was down by 1.13% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 2.87%, NTPC up by 2.80%, ITC up by 2.53%, Hindustan Unilever up by 2.08% and Nestle was up by 1.50%. On the flip side, Bajaj Finance down by 2.81%, Larsen & Toubro down by 2.62%, Mahindra & Mahindra down by 2.22%, Maruti Suzuki down by 2.10% and Bajaj Finserv was down by 1.80% were the top losers.

Meanwhile, Minister of State for Finance Anurag Singh Thakur has said that steps taken by the government to deal with COVID-19 pandemic are resulting in 'V-shaped' economic recovery and the country is likely to witness double digit growth in 2021-22.

Replying to a discussion on the second and final batch of the supplementary demands for grants for 2020-21, the minister said that it was because of the efforts of the government that GST collection was over Rs 1 lakh crore for continuously five months. He also said in the final batch of supplementary demands for grants for the current fiscal, the government sought Parliament's nod for an additional expenditure of Rs 6.28 lakh crore of which the net outgo has been estimated at Rs 4.12 lakh crore.

Thakur further said the rest will be matched by savings in different ministries and departments. In the next fiscal, he said the Budget has earmarked Rs 35,000 crore for vaccination and more would be provided if needed.

The CNX Nifty is currently trading at 14534.80, down by 23.05 points or 0.16% after trading in a range of 14350.10 and 14642.80. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were NTPC up by 2.94%, Power Grid up by 2.78%, ITC up by 2.46%, Hindustan Unilever up by 2.22% and Nestle was up by 1.75%. On the flip side, Bajaj Finance down by 2.64%, Larsen & Toubro down by 2.39%, Tata Motors down by 2.30%, Maruti Suzuki down by 1.92% and Mahindra & Mahindra was down by 1.87% were the top losers.

Asian markets were trading mostly in red; Hang Seng decreased 644.88 points or 2.19% to 28,760.84, Nikkei 225 slipped 424.70 points or 1.41% to 29,792.05, Taiwan Weighted dropped 217.60 points or 1.34% to 16,070.24, Shanghai Composite declined 67.34 points or 1.94% to 3,395.73, Jakarta Composite lost 33.47 points or 0.53% to 6,314.36 and KOSPI fell 26.48 points or 0.86% to 3,039.53.

On the other side, Straits Times advanced 1.84 points or 0.06% to 3,139.50.