8,597.75316.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

Reliance, HDFC twins pull Sensex lower; Nifty below 12,100

Market breadth was neutral as gainers and losers were almost equal in number on BSE.

, ETMarkets.com|
Last Updated: Feb 20, 2020, 04.07 PM IST
0Comments
Shutterstock.com
shutterstock_1420640129

Broader market was upbeat, with BSE Midcap and Smallcap indices rising 0.40 per cent and 0.51 per cent, respectively.

Mumbai: Benchmark equity index Sensex dropped 0.4 per cent in muted session on Thursday, as global markets were sideways as they assessed the impact of coronavirus on businesses.

BSE’s 30-share Sensex dropped 0.37 per cent or 152.88 points to close at 41,170.12, while NSE’s 50-share Nifty shed 0.37 per cent or 45.05 points to close at 12,080.85.

Market at a glance
Market breadth was neutral as gainers and losers were almost equal in number on BSE.

Broader market was upbeat, with BSE Midcap and Smallcap indices rising 0.40 per cent and 0.51 per cent, respectively.

Among sectoral indices, BSE Energy index and IT fell the most, dropping 0.95 per cent and 0.75 per cent, respectively.

As many as 16 Sensex stocks closed lower. Energy-to-telecom behemoth Reliance Industries contributed the most to the losses, and shed 1.14 per cent. IT major Tata Consultancy Services (TCS) followed next with a decline of 1.74 per cent.

Paints maker Asian Paints was the top loser and it dropped 2.13 per cent.

Shares of Indiabulls Group rallied as reports suggested that the government found no irregularities in the deals entered by the group.

Indiabulls Housing Finance jumped 10.81 per cent while Indiabulls Integrated Services gained 4.96 per cent. Another group firm Indiabulls Real Estate added 2 per cent while Indiabulls Ventures gained 8.36 per cent.

Sterlite Technologies rose 2.07 per cent after the network solutions provider received an order worth Rs 1,500 crore.

Wind turbine maker Suzlon Energy rose 9.69 per cent on reports that the State Bank of India has agreed to proceed with a restructuring proposal by the wind power firm.

Vodafone Idea extended their rally to the second straight session and closed 5.01 per cent higher after ET on Wednesday reported that the government is unlikely to invoke the company’s bank guarantees for now, even as the officials of the telecom and finance ministries met Cabinet secretary Rajiv Gauba to discuss ways to ensure that the sector retains three private players.

Expert views:
"Pandemic issue in China is under control, implying that the impact to the economy won’t be a big as expected initially. Investors will focus on the Trump-Modi meeting due next week, though no trade deal is expected. Commentary towards opening the trade in the future will be keenly watched,” -- Vinod Nair, Head of Research, Geojit Financial Services.

Global markets
Asian stocks eased and currency markets were skittish on Thursday, as virus cases rose in South Korea and Japan even as China added more stimulus via a rate cut to support its economy, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 per cent, led by falls of 0.8 per cent on Hong Kong’s Hang Seng and South Korea’s Kospi.

European shares retreated from record highs, as the rise in the number of new coronavirus cases in South Korea added to fears after research suggested the virus was more contagious than previously thought, a Reuters report said.

Also Read

Nifty Next 50 should outperform Nifty50 from current levels

ITC shares flat as Nifty plummet

Sensex, Nifty circuit limits for today

Sebi curbs lead to thin trading in Nifty futures

F&O: Nifty Bank in the ‘make or break’ zone; Nifty next stop 7,900

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service