MARKET WRAP: Sensex slips 82 pts, Nifty gives up 11,800; pharma stocks fall
All that happened in markets today
 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
Stocks witnessed a lacklustre trade on Tuesday amid lack of any positive triggers and fears of spreading coronavirus. According to a Reuters poll, India's GDP (gross domestic product) grew 4.7 per cent in the October-December period of the financial year 2019-20 (FY20).
The S&P BSE Sensex ended at 40,281, down 82 points or 0.2 per cent. Sun Pharma (down over 2 per cent) emerged as the biggest loser on the index while TCS (up 2 per cent) gained the most.
Market breadth remained in favour of sellers as out of 2,616 companies traded on the BSE, 964 advanced and 1,469 declined while 183 remained unchanged. As many as 58 securities hit their 52-week high on the BSE while 183 securities fell to 52-week low.
On the NSE, the 50-share Nifty index slipped below the key level of 11,800 to end at 11,798, down 31.5 points or 0.27 per cent.
In the broader market, the S&P BSE MidCap index lost 68 points or 0.4 per cent to settle at 15,376 while the S&P BSE SmallCap index ended at 14,448, down 65 points or 0.45 per cent.
On the sectoral front, Nifty Pharma index dropped over 2 per cent to end as the biggest sectoral index loser. The index closed at 7,937 levels. On the other hand, realty and IT stocks made decent gains.
GLOBAL MARKETS
Global stock markets stabilised on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce after the previous day’s sharp selloff on fears about the spreading coronavirus. MSCI’s All Country World index, which tracks shares across 47 countries, was down 0.16 per cent, paring some earlier losses when Asian markets were trading. The index suffered its biggest daily drop in two years on Monday.
In commodities, oil steadied after shedding nearly 4 per cent on Monday. US crude was up 0.2 per cent at $51.55, while Brent crude firmed 0.4 per cent to $56.51.
(With inputs from Reuters)
3:58 PM
MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services
Markets steadied after a steep selloff yesterday as investors assessed the economic impact of coronavirus which has spread to other nations. Trump-Modi meet failed to provide any sentiment boost for the domestic market as there were no key deals . Virus concerns could remain in the limelight as any further supply disruption could hurt global economic growth in 2020.
3:43 PM
SECTOR WATCH | Nifty Pharma index bleeds the most
3:42 PM
MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex ended 82 points or 0.2 per cent lower at 40,281 levels while the NSE's Nifty50 ended at 11,798, down 31.5 points or 0.27 per cent.
3:19 PM
MARKET CHECK
3:06 PM
RBI MPC may consider coronavirus impact on Indian economy: Report
The report titled "India: Growth and inflation targeting review", Radhika Rao, Economist at DBS Bank noted that the impact on India is felt through supply chain disruptions from China as well as regional players, who in turn are net importers from China. "Temporary price increases are likely to be accompanied by production delays if the pain spills over into 2Q20 (April-June)," the report said adding that "the MPC is also likely to consider developments around COVID-19". READ MORE
3:03 PM
NEWS ALERT | Axis Bk to pick 17.9% stake in Max Life for Rs 550 cr: sources to CNBC TV18
>> Bank plans to hold 19.9% stake in Max Life post deal, up from 2%
>> Post deal, Max Fin likely to own 54.5% stake in max Life
>> Axis, Max Fin have signed for exclusive engagement for 90 days
Alert: Axis Bank will buy stake in Max Life from Max Fin
>> Post deal, Max Fin likely to own 54.5% stake in max Life
>> Axis, Max Fin have signed for exclusive engagement for 90 days
Alert: Axis Bank will buy stake in Max Life from Max Fin
3:00 PM
NEWS ALERT | Fullerton Financial considering stake sale in its Indian NBFC: Bloomberg
>> Working with an adviser on the partial divestment of Fullerton India Credit Company
>> Aims to raise $350 mn via sale
>> Aims to raise $350 mn via sale
2:44 PM
Aditya Birla Fashion extends decline
2:32 PM
Navin Fluorine surges 17% on multi-year contract with a global company
The stock of the fluorochemical maker hit a new high today. It has rallied 26 per cent in the past two weeks, as compared to a 2.5 per cent decline in the S&P BSE Sensex. In the past six months, the stock has more than doubled from level of Rs 686, against a 10 per cent rise in the benchmark index. READ MORE
2:22 PM
Rupee check
2:20 PM
BROKERAGE RADAR | HDFC Securities on Hero MotoCorp
Management laid out the road map at the CIT (Center of Innovation) visit. CIT is gradually ramping up (since its commencement in 2016) and has helped reduce lead times for new product development by 25%. Hero has invested $600mn in R&D over the last few years, which is now bearing fruit. With the launch of the Xtreme 160cc bike, Hero will now address 96% of the Indian 2W market and compete effectively in the premium segment. While the customer acceptance of the new products in the ‘white spaces’ will be gradual, we re-iterate BUY as Hero has successfully defended market share in the 2W segment in the current downturn. We value the stock at 16x Dec-21 EPS, in-line with its average trading multiple.
2:11 PM
MARKET UPDATE:: Nifty slips below 11,800
2:03 PM
MARKET UDATE:: Sensex at day's low
1:08 PM
IndiGo slides 6%
Topics : Markets MARKET WRAP
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First Published: Feb 25 2020 | 7:29 AM IST
