Nifty ends below 200 DMA

The market declined for the fifth straight trading session on Thursday. Trading was volatile due to monthly expiry of the February series of derivatives contracts. The Nifty ended below its 200-day simple moving average placed at 11,685.62. The undertone of the market was weak as investors were concerned that the global economy could slow down as China struggles to contain the coronavirus outbreak.

The S&P BSE Sensex, declined 143.30 points or 0.36% at 39,745.66. The Nifty 50 index tumbled 60.05 points or 0.51% at 11,618.45.

The broader market was weak. The S&P BSE Mid-Cap index fell 0.65% while the S&P BSE Small-Cap index lost 0.83%.

There were more sellers than buyers. On the BSE, 845 shares rose and 1582 shares fell. A total of 162 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 0.67% to 7,891.90 on bargain hunting. The index fell 6.43% in the past four sessions.

Sun Pharmaceutical Industries (up 3.12%), Aurobindo Pharma (up 1.71%), Strides Shasun (up 1.19%), Divi's Laboratories (up 0.53%) and Alkem Laboratories (up 0.48%) advanced.

Piramal Enterprises (down 2.53%), Wockhardt (down 1.81%), IPCA Laboratories (down 1.21%), Lupin (down 1.1%), Cadila Healthcare (down 0.93%), GlaxoSmithKline Pharmaceuticals (down 0.86%), Glenmark Pharmaceuticals (down 0.83%), Cipla (down 0.57%) and Dr Reddy's Laboratories (down 0.51%) declined.

Stocks in Spotlight:

Larsen & Toubro (L&T) slipped 0.12% to Rs 1210. L&T said its construction arm has secured orders from prestigious clients for its varied businesses in India and abroad. As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore.

Hindustan Unilever (HUL) informed that the National Company Law Tribunal (NCLT) Chandigarh has approved a scheme of amalgamation between GlaxoSmithKline Consumer Healthcare and the company. The FMCG major had announced on 6 November 2019 that the scheme of amalgamation was previously approved by the National Company Law Tribunal, Mumbai Bench vide its order dated 24 September 2019.

Shares of HUL added 0.46% to Rs 2251.15 while those of Glaxosmithkline Consumer Healthcare rose 1.5% to Rs 9783.

Adani Ports and Special Economic Zone fell 1.24% to Rs 354.30. The company said that it has incorporated a wholly-owned subsidiary Adani Bangladesh Ports for an authorised capital of 1 crore taka and paid-up share capital of 55 lakh taka.

Alphageo (India) rose 3.99% to Rs 206. The provider of seismic services provider said it secured a Rs 184 crore contract from Vedanta for 2D and 3D seismic data acquisition services in Assam

Zuari Agro Chemicals jumped 4.69% to Rs 86 after the company said its NPK-A plant in Goa has resumed production from 27 February 2020. The chemical maker had informed on 23 January 2020 that the NPK-A plant at Zuarinagar, Goa had been shut down due to non-availability of raw material.

NLC India spurted 9.76% to Rs 59.60 after its board declared an interim dividend of Rs 7.06 per equity share for the Financial Year 2019-20.

Global Markets:

Shares in Europe extended losses while most Asian markets declined on Thursday as the rapid global spread of the Coronavirus left investors on edge.

China's National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26. South Korea, where there is the second largest outbreak after China, confirmed a surge of 334 more cases on Thursday morning, bringing the country's total to 1,595. In Japan, a woman has tested positive for the virus for a second time.

In Europe, attention remains focused on the escalation of cases in Italy; 424 people have the virus (up from an initial three people last Friday) and 12 people have died. US President Donald Trump said that the U.S. could consider restricting travel to Italy and South Korea but would not do so yet.

In US, markets finished mostly lower on Wednesday. The Dow and S&P 500 index fell for a fifth straight day, as investors digested reports on the spread of China's coronavirus to Europe and the South America.

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