Indices trims losses; breadth negative

The main equity indices trimmed losses in mid-morning trade. The Nifty 50 index regained the decisive 9000 mark. Investors locked profits after a decent rally last week. Sentiment was affected after four states - Odisha, Punjab, Maharashtra and Telangana - extended the lockdown till 30 April due to the coronavirus pandemic. The central government is also contemplating extending the 21-day nationwide lockdown that ends on 14 April.

At 11:26 ST, the barometer index, the S&P BSE Sensex, was down 395.29 points or 1.27% at 30,764.33. The Nifty 50 index was down 93.15 points or 1.02% at 9,018.75.

The broader market traded lower. The S&P BSE Mid-Cap index was down 0.62% while the S&P BSE Small-Cap index was down 0.65%.

The market breadth was negative. On the BSE, 947 shares rose and 1119 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 13 stocks advanced while 37 stocks declined.

Buzzing Index:

The Nifty Realty index tumbled 4.87% to 176.70, underperforming other sectoral indices on NSE. The Phoenix Mills (down 11.18%), DLF (down 6.98%), Brigade Enterprises (down 6.38%), Oberoi Realty (down 4.49%), Sunteck Realty (down 4.2%), Indiabulls Real Estate (down 1.9%) and Godrej Properties (down 0.71%) were top losers in realty segment.

Stocks in Spotlight:

Godrej Consumer Products slumped 7.25% to Rs 552.10 after the company in its March quarter update has stated that it will report a revenue decline of high teens during the quarter. The International business is expected to record around mid-single digit sales decline in rupee terms resulting in consolidated sales declining around low double digit in rupee terms for the quarter.

Shares of Gujarat Fluorochemicals were up 3.86% at Rs 335.20. The company said it has started its manufacturing operations at Ranjitnagar and Dahej plants in Gujarat from 8 April 2020 after obtaining necessary permission from the Government authorities. The plants were earlier shut in accordance with the orders passed by the Government of India.

Dr Reddy's Laboratories jumped 4.96% to Rs 3,797.70 after the company said its API manufacturing plant at Telangana received the Establishment Inspection Report (EIR) from the US drug regulator.

Global Markets:

Asian markets traded lower Monday. Markets in Hong Kong and Australia are closed on Monday for Easter Monday. In US, stock markets were closed on Friday, 10 April 2020 on account of Good Friday.

Meanwhile, the OPEC and its allies, known collectively as OPEC+, on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war.

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