At 11:20 IST, the S&P BSE Sensex, tanked 362.35 points or 0.91% at 39,526.61. The Nifty 50 index was tumbled 111.15 points or 0.95% at 11,567.35.
In the broader market, the S&P BSE Mid-Cap index was down 1.12% while the S&P BSE Small-Cap index was down 1.57%.
The market breadth was titled in the favour of sellers. On the BSE, 503 shares rose and 1523 shares fell. A total of 105 shares were unchanged. In Nifty 50 index, 5 stocks advanced while 45 stocks declined.
Buzzing Index:
The Nifty Auto index fell 1.48% to 7,100.95. The index has fallen 7.75% in four trading sessions. India's automotive supply chain could get disrupted if the manufacturing activities in China continue to remain impacted owing to the coronavirus outbreak. India reportedly sources 27% of its auto components imports from China.
Ashok Leyland (down 2.89%), Mahindra & Mahindra (down 2.6%) TVS Motor Company (down 2.07%), Tata Motors (down 1.59%), SML Isuzu (down 1.5%), Hero MotoCorp (down 1.33%), Escorts (down 1.23%), Bajaj Auto (down 0.59%) and Eicher Motors (down 0.43%) were top losers in auto segment.
Stocks in Spotlight:
Hindustan Unilever 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 it's order dated 24 September 2019.
Shares of Hindustan Unilever were trading 1.18% lower at Rs 2214.50 while those of Glaxosmithkline Consumer Healthcare were trading 0.23% higher at Rs 9659.90.
CreditAccess Grameen announced that the RBI Bengaluru has conveyed its no objection to the company for the proposed acquisition of up to 76.34% of the share capital of Madura Micro Finance. CreditAccess Grameen had earlier announced the acquisition of up to 76.34% of the share capital of Madura Micro Finance ('MMFL') (equivalent to 54,92,616 equity shares) from its existing shareholders. Shares of CreditAccess Grameen were down 4.21% at Rs 896.85.
Biocon fell 1.10% to Rs 295.40 after the US drug regulator issued a Form 483 with two observations to the company's API manufacturing facility in Bengaluru. The US Food and Drug Administration (FDA) conducted a post-approval and good manufacturing practice (GMP) inspection of Biocon's small molecules Active Pharmaceutical Ingredient (API) manufacturing facility at Bengaluru between 20-26 February 2020. Biocon said it is confident of addressing these observations expeditiously and will respond to the FDA with a Corrective and Preventive Action Plan (CAPA) in a timely manner.
Global Markets:
Most Asian markets were trading lower on Thursday as the rapid global spread of the Coronavirus left investors on edge.
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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