At 10:27 IST, the S&P BSE Sensex, was down 424.41 points or 1.03% at 40,745.71. The Nifty 50 index was down 134.3 points or 1.11% at 11,946.55.
In the broader market, the S&P BSE Mid-Cap index was down 0.49% while the S&P BSE Small-Cap index was down 0.44%. The decline in both these indices was less compared with the benchmarks.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 719 shares rose and 1199 shares fell. A total of 118 shares were unchanged.
Buzzing Index:
Metal stocks came under heavy selling pressure amid the coronavirus contagion fears and its impact on the global economy.
The Nifty Metal index tanked 3.29% to 2,526.30, snapping its two days winning run.
Jindal Steel & Power (down 5.2%), Hindalco Industries (down 4.95%), JSW Steel (down 4.35%), Hindustan Copper (down 3.83%), Tata Steel (down 3.72%), Vedanta (down 3.3%), Steel Authority of India (down 3.2%), National Aluminium Company (down 2.45%), Coal India (down 2.01%), Tata Metaliks (down 1.57%), NMDC (down 0.86%) and Hindustan Zinc (down 0.82%) were top losers in metal segment.
Stocks in Spotlight:
Linde India (up 0.55%) will announce its Q3 2019 earnings today.
Shares of Ambuja Cement were trading 2.33% higher at Rs 210.6. The cement major reported in quarterly result for CY19 after market hours on Thrusday, 20 February 2020. On a consolidated basis, the cement major posted a 39.3% decline in net profit to Rs 591.54 crore in Q4 December 2019 as compared to Rs 974.29 crore reported in Q4 December 2018. Net sales rose 6% to Rs 7126.44 crore in Q4 December 2019 over Q4 December 2018. The company in filing said that higher budgetary allocations to Government's core rural schemes on affordable housing, infrastructure and farm income augured well for cement demand. Continued focus on development of transport infrastructure, railways, metro, airports along with the recently announced Rs 102 lakh crore under the National Infrastructure Pipeline (NIP) in the next 5 years, is also expected to drive demand.
Shares of KEC International were trading 1.52% higher at Rs 344.20. The company has acquired an automated transmission tower manufacturing facility with a capacity of 50,000 tons in mainland Dubai, United Arab Emirates through its wholly owned subsidiary, KEC Towers LLC. The sale was conducted by Emirates Auction Authority. The company further said that the acquisition provides a strategic foothold to serve the markets with a high growth potential in Middle East and Africa.
Shoppers Stop was trading 1.5% lower at Rs 381.25. The company said it closed two of its stores located at Orion East Mall in Banaswadi, Bengaluru and The Grant Mall in Velachery, Chennai, due to lower than business expectations and declining profitability. During FY 2018-19, the sales from Orion East Mall amounted to Rs 17.62 crore and The Grant Mall's at Rs 17.36 crore, both of which constituted 0.4% of the total turnover of the company as of 31 March 2019. With the closure of these outlets, the company now has a total of 89 stores, including 5 airport stores, under its operations.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
