Bears tighten grip on D-Street; Nifty below 200 DMA

Key benchmark indices extended losses and hit the day's low in morning trade amid weak global cues. The Nifty slipped below its 200 days simple moving average placed at 11,685.62. Selling was seen across the board with metal stocks falling the most.

At 10:20 IST, the S&P BSE Sensex, tanked 369.39 points or 0.93% at 39,519.57. The Nifty 50 index was tumbled 112.8 points or 0.97% at 11,565.70.

The broader market tumbled. The S&P BSE Mid-Cap index was down 1.22% while the S&P BSE Small-Cap index was down 1.49%.

The market breadth was weak. On the BSE, 448 shares rose and 1347 shares fell. A total of 90 shares were unchanged. In Nifty 50 index, 2 stocks advanced while 48 stocks declined.

Buzzing Index:

The Nifty Metal index declined 1.34% to 2,397.45, extending its losses to second consecutive session. The metal index has declined 2.95% in two trading sessions amid the coronavirus contagion fears and its impact on the global economy.

JSW Steel (down 2.74%), Jindal Steel & Power (down 2.7%), NMDC (down 2.61%), National Aluminium Company (down 2.5%), Steel Authority of India Ltd (down 1.95%), Hindustan Zinc (down 1.53%), Vedanta (down 1.38%), Tata Steel (down 1.37%), Coal India (down 1.35%) and Hindalco Industries (down 0.88%) declined.

Stocks in Spotlight:

Yes Bank (up 1%) is banned from trading in NSE's F&O segment for today after the security crossed 95% of market wide position limit.

Mahindra CIE Automotive tumbled 6.8% after the company reported weak Q3 December 2019 numbers after market hours yesterday, 26 February 2020. On a consolidated basis, the company's net profit declined 33.2% to Rs 61.18 crore on a 5.7% decline in net sales to Rs 1868.50 crore in Q3 December 2019 over Q3 December 2018.

Gravita India, a lead producer, in an exchange filing announced that the company has closed its step down subsidiary, Gravita Cameroon due to operational losses in the company. Shares of Gravita India were up 1.84% at Rs 60.80.

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