Nifty slips below 11,700 mark; breadth weak

After sharply paring losses in afternoon trade, key benchmarks slumped in mid-afternoon trade. The Nifty slipped below the crucial 11,700 mark. Weak global cues spoiled investors sentiment.

At 14:28 IST, the S&P BSE Sensex, was down 330.29 points or 0.82% at 39,950.91. The Nifty 50 index was down 98.90 points or 0.84% at 11,699.

In the broader market, the S&P BSE Mid-Cap index was down 1.13% while the S&P BSE Small-Cap index slipped 0.51%.

The market breadth was weak. On the BSE, 821 shares rose and 1520 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 9 stocks advanced while 40 stocks declined. 1 stock remained unchanged.

Buzzing Index:

The Nifty Realty index fell 1.78% to 297.15, underperforming the other sectoral indices on NSE.

Housing Development and Infrastructure (HDIL) (down 4.89%), Unitech (down 4.83%), Parsvnath Developers (down 3.47%), Godrej Properties (down 3.44%), Sunteck Realty (down 3.39%), Indiabulls Real Estate (down 2.32%), Sobha (down 2.01%), DB Realty (down 1.56%), Prestige Estates Projects (down 1.54%), Phoenix Mills (down 1.2%), Peninsula Land (down 1.18%), Oberoi Realty (down 1.16%), DLF (down 1.11%), Mahindra Lifespace Developers (down 1.07%), Anant Raj (down 0.82%) and Omaxe (down 0.56%) declined.

Stocks in Spotlight:

Interglobe Aviation rose 0.82% to Rs 1388 after the company denied media reports suggesting violations in corporate governance and listing disclosure norms of the firm. With reference to news quoting "Sebi finds undisclosed related party transaction in preliminary inquiry," InterGlobe Aviation clarified post market hours on Tuesday (25 February) that the news item is factually incorrect and the company has not received any communication from Sebi in this regard. The media reported that a preliminary probe by the Securities and Exchange Board of India (Sebi) has suggested violation of certain listing disclosure norms as also of fair corporate governance practices at the company.

Salasar Techno Engineering added 0.72% to Rs 125.90. The company secured an order for construction of 132/33KV, 2X50 MVA sub-station at Nathkuchi along with associated transmission line from Assam Electricity Grid Corporation. The order, worth Rs 45 crore, is to be executed by February 20, 2022.

Numbers to Track:

MCX Gold futures for 3 April 2020 settlement fell 0.15% to Rs 42,724.

In the foreign exchange market, the rupee appreciated against the dollar. The partially convertible rupee was trading at 71.6525, compared with its previous closing low of 71.85.

The yield on 10-year benchmark federal paper fell to 6.329% at 14:21 IST compared with 6.367% in the previous trading session.

In the commodities market, Brent crude for April 2020 settlement was down 54 cents to $54.41 a barrel. The contract fell $1.35 or 2.39% to settle at $54.95 a barrel in Friday's trading session.

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