Indian share market today| Sensex & Nifty

March 2, 2020March 2, 2020 admin

Indian share market today, Market down for the seventh consecutive day

As indicated by the SGX Nifty, it was a positive start for the Indian share market today. In the last hour, the Indian market dragged down and erased all morning gains. The market was trading higher even after negative PMI numbers announced. But profit booking was seen after the news flashed that two fresh cases of coronavirus reported in India.

Indian share market today

At close, the Nifty was down by 69 points or 0.61% and at 11132.75 while Sensex declined by 153.27 points or 0.40% and at 38144.02. The Bank Nifty was also down by 278.75 points or 0.95% and closed at 28868.40.

The Nifty midcap was down by 114.60 points or 0.68% and at 16671.75. Whereas the Nifty smallcap 100 index was declined by 67.95 or 1.20% and closed at 5607.10.

The top gainers in the Nifty50 stocks are HCL Tech, Eicher Motors, Nestle, ICICI Bank, and Infosys. The losers in the Nifty50 stocks for the day are Yes Bank, SBI, Tata Steel, GAIL, and Hindalco.

In the Nifty midcap space, the gainers for the day are Escorts, Indiabulls Venture and the losers are Tata Power, PNB Housing Fin. In the smallcap space, the gainers for the day are Deepak Nitrate, reliance Communication and the losers are PVR, Welspun Corp.

Among the sectors today, the gainers are IT & Software, Container Packaging, and Miscellaneous. The losing sectors for the day are many, the top losers are Aviation, Alcohol, Media, Retail, Industrial Gas and Metals.

Other news in the Indian share market today

FIIs are the net seller and DIIs are the net buyers in the cash segment today. FIIs sold Rs 1354.72 crores and DIIs bought Rs 1138.74 in the cash segment.

The Markit Manufacturing PMI data has come marginally lower today during the market. India’s February Manufacturing PMI stood at 54.5 compared to 55.3 on MoM basis.

The government has decided not to cut stake in PSU’s like NTPC, Power Grid, PFC on Bond holder’s concern.

Indian share market today- Stocks in the news

Affle India has signed an agreement to acquire Mediasmart. The share price of Affle India gained 0.19% and closed at Rs 1802.25 per share.

SPML Infra received a bulk water project worth Rs 546.96 crores from the Bangalore Water Supply and Sewerage Board (BWSSB). The share price of SPML Infra gained 4.97% in NSE and closed at Rs 8.75% per share.

SEACOM and Tata Communication have joined forces and extended its partnership between Africa, Europe and Aisa to meet growing demand. The share price of Tata Communication fell 1.12% and closed at Rs 356.85 per share.

Mindtree has appointed Dayapatra Nevatia as the Chief Operating Officer of the company with effect from 2nd March 2020. The share price of Mindtree gained 5.73% and closed at Rs 998.10 per share

Auto Stocks in the news today

Mahindra and Mahindra reported a 42% decline in total sales in February. The share price of M&M has gained 0.27% and closed at Rs 458.30 per share

SML Isuzu has reported a 31.4% decline in its sale in February, The share price of SML Isuzu has declined 0.10% and closed at Rs 487.40 per share.

Bajaj Auto has reported a 10% fall in its sales number in February, The share price of Bajaj Auto has fallen 3.38% and closed at Rs 2792.20 per share.

Ashok Leyland has reported 37% down in total sales at 11475 units in February against 18245 units on a YoY basis. The share price of Ashok Leyland has gained 5.72% and closed at Rs 73.90 per share

Eicher Motors has reported its sales of Royal Enfield sales up by 1.4% at 63536 units as aginst 62630 units and its export down by 8% on a YoY basis. The share price of Eicher Motors gained 2.48% and closed at Rs 17013.40 per share.

Escorts reported a strong sales in February, the company’s Agri Machinery Segment (EAM) sold 8601 tractors against 7240 tractors sold in the same period last year. The share price of Escorts gained 8.23% and closed at Rs 844.30 per share.

Crude and Rupee updates

Crude oil is trading higher today on the hopes of OPEC output cut. The Brent crude oil future hits lowest since July 17 before rebounding. It is currently trading at $ 50.66 per barrel, almost 2 % up from the previous day’s close.

The Indian rupee closed 0.64% lower against the US dollar today, it closed at Rs 72.68 against the US dollar.

Conclusions

Indian share market today closed in the red for the straight seventh day in a row. The Nifty50 index has closed below 11200 due to fresh cases of coronavirus in India. The market now totally depends on the news of the virus. On the immediate terms, the market is looking bearish one can sell on every rise.

At 9.30 pm IST, Nasdaq gained almost 2%, FTSE, and CAC are trading in green whereas SGX Nifty recovered from the lower level and at present trading at 37 points down. If the US and Europe markets closed in green today, then tomorrow there is a chance that Asian Markets will also trade in Green and so the Indian markets.

Traders should trade with strict stop loss and can follow our Nifty and Bank Nifty daily technical views.