Indian stock market indices: Sensex bleeds 1448 pts, Nifty at 11202

 

Today is Black Monday for Dalal Street. The Indian stock market indices continued to remain under pressure for the sixth consecutive day. The market witnessed a Bloodbath today after a huge gap down opening in the morning. In the end, it extended its morning losses

The market sentiment becomes negative after the Industry body PHDCCI has made a statement that the coronavirus outbreak may negatively impact global growth by 30 bps or $250 billion. The fears of spreading the virus have corrected the global markets today by 3-4%. 

On the domestic front, traders were concerned with the Association of Indian Forging Industry’s (AIFI) statement that disruption in supplies due to the coronavirus outbreak in China has hit domestic forging industry along with automobile and auto component manufacturing sectors. The domestic investors also waited for the GDP numbers for the Q3FY20 which will be announced at 5.30 pm.

 

Indian stock market indices today

In the end, the Nifty shed 431.55 points or 3.70% and at 11201.75 while Sensex plunged 1448.37 points or 3.64% and at 38297.29. The Bank Nifty also declined 1039.85 points or 3.44% and closed at 29147.15.

The Nifty midcap 100 index was down 583.15 points or 3.36% and closed at 16786.35. The Nifty smallcap 100 index also tanks 237 or 4.01% and closed at 5675.05.

All the sectors closed in red today, major sectors like Automobiles, Banking Finance, Infrastructure, Metals, IT & Software were closed 3-6% down today.

There is only one gainer in the Nifty50 stocks today, IOC gained only 0.09% for the day. The major losers in the NIfty 50 stocks are Vedanta, Tata Motors, Tech Mahindra, Tata Steel, and Hindalco. These five stocks tank 7-12% for the day.

In Nifty midcap space, today’s gainers were Info Edge, Ipca Lab and the losers are Union Bank, Prestige Estate. In the Nifty smallcap space the gainers were Ceat, Galaxy Surfacta and the Losers are India Tourism D, Allahabad Bank.

FIIs are continuously selling for the last four days in the cash segment and dragging down the Indian stock market indices. For today’s FIIs position you can check the link after 6 pm here

 

Stocks in the news

Godrej Properties entered into an agreement to purchase land in Chandivali, Mumbai, it’s an upcoming and fast-developing location in Mumbai suburbs. The share price of Godrej properties  fell 3.53% and closed at Rs 1003.05 per share

TVS Motor opens a new showroom in El Salvador, it will showcase the technology and quality prowess synonymous with TVS Motor Company. The share price of TVS Motor Company fell 0.89% and closed at Rs 435.70 per share

The Supreme Industries board at its meeting on 28th February has declared an interim dividend of Rs 10 per equity share. The share price of Supreme Industries has declined by 4.35% and closed at Rs 1319.20 per share.

The Tube Investment company’s board has declared an interim dividend of Rs 3.50 per equity share. The share price of Tube Investment has declined by 7.17%  and closed at Rs 528 per share

NTPC is going to start commercial operation of Thermal Power unit 250 MW unit of Barauni Thermal Power station Stage II ( 2x 250 MW) is declared on the commercial operation. The share price of NTPC has declined by 2.29% and closed at Rs 106.55 per share

Lemon Tree Hotels has opened its second international hotel in Bhutan’s capital Thimpu. The share price of Lemon Tree Hotels has declined by 2.27% and closed at Rs 51.60 per share.

KIOCL has got the green signal to set up a coke oven plant in Mangalore. The share price of KIOCL has declined by 8.89% and closed at Rs 94.25 per share.

The Board of Motherson Sumi has declared an interim dividend of Rs 1.50 per equity share. The share price of Motherson Sumi fell 5% and closed ta Rs 103.65 per share.

 

Crude and Rupee Updates

Crude oil price is trading lower for the sixth consecutive days, its biggest weekly fall in 4 years. The Brent crude is trading $50.20 per barrel around 2.96% lower from the previous close. It has touched $49.55 per barrel as a day’s low so far till 4.30 pm IST. Indian Rupee is trading Rs 72.16 against the US dollar, lost 0.77% from the previous close.

 

Conclusions:

Indian stock market indices have registered the biggest weekly losses since 2009. The weakness in the rupee has dragged the IT & Software and other export-oriented stocks today. The impact of the coronavirus outbreak would adversely impact the supply chains across the globe including India.

Technically the market trend is down but as Q3FY20 GDP numbers are going to announce at 5.30 pm today. Any positive news on this front can give a relief rally in the Indian stock market indices. Traders should follow the global market closely for any positive development of the deadly virus.

 

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Editor’s desk