The market today: Nifty at 11829, Sensex tanks 807 pts

 

Market today-Nifty & Sensex: Indian share market opened in the red today. The indication from the SGX Nifty and other global markets were negative in the mornings due to the spread of coronavirus outside China. The coronavirus has killed 2442 people in China and now the infection rose sharply in South Korea, Italy, and Iran. 

In the end, in the Indian market today Nifty declined 251.45 points or 2.08% and at 11829.40 while Sensex tanks 806.89 points or 1.95% and at 40363.23.  The Bank Nifty fell 487.75 points or 1.57% and closed at 30455.10.

The Nifty midcap 100 and smallcap 100 also plunged more than 1.9% today. The Nifty midcap 100 declined 345.75 points and closed at 17764.10. Whereas the Nifty smallcap 100 index was down by 121.45 points and at 6040.55.

 

Indian market today-Nifty & Sensex stocks

Today in the Nifty50 index stocks there are no gainers whereas in the losing side the top five losers are JSW Steel, Vedanta, Tata Steel, Hindalco, and Tata Motors. The metal stocks got corrected 6-8% today due to the fear of coronavirus breakout in China and its impact on economic growth.

In the Nifty midcap space, the gainers for the day are GMR Infra, Max Financial and the losers are Jindal Steel, Future Consumer. In the Nifty smallcap space, the gainers are Swan Energy, Suzlon Energy and the losers are IRB Infra, Himidri Special.

Among the sectors, today almost all major sectors closed in the red. the sectors like Metal were closed more than 4% down, other major losers are Automobiles, electricals, aviation, trading.

Last week, FIIs were the net buyers in the cash segment and DIIs were the net sellers. For today’s FIIs position you can check the link after 6 pm.

Stocks in the news:

The 18th meeting with the committee of creditors (CoC) of Reliance Communication is scheduled today. The share price of RCom has gained 6.67% and closed at Rs 0.80 per share.

Ambuja Cements had announced its Q3 earnings on February 20th. The company said its standalone net profit fell 15.35% on YoY to Rs 454.9 crore against Rs 537.37 crores reported last year in the same period. Volumes grew about 7% YoY while cement realization climbed nearly 3% YoY. The share price of Ambuja Cements gained 2.19%  and closed at Rs 209.90 per share.

Muthoot Finance said that it had raised $550 million through dollar bond, offering a coupon of 4.4%. The share price of Muthoot Finance has gained 2.27% and closed at Rs 933.45 per share.

KEC Towers LLC, Dubai a subsidiary company of KEC International has acquired a transmission tower manufacturing facility with an installed capacity of 50000 MT located in mainland Dubai, UAE. The share price of KEC International has gained 1% and closed at Rs 342.75 per share.

 

Losing stocks for the day in the market today

The US health regulator US FDA had issued two observations to the Lupin company’s Pitampura unit in Madhya Pradesh. The share price of Lupin fell 3.82% and closed at Rs 672.85 per share

Bharti Infratel has extended its deadline for its merger with Indus Towers by two months more to 24th April. The share price of Bharti Infratel fell 4.53%  and closed at Rs 215.95 per share.

Technology stocks gained today in the morning session as the rupee continued to depreciate for the last few trading days. The share price of Infosys fell 0.14% and closed at Rs 795.85  per share.

Crude and Rupee Updates 

The Brent crude oil price is trading lower today. It is trading at 4% down from the previous close. At 5 pm IST, the Brent crude oil future price is $ 55.62 per barrel. The Indian rupee has depreciated by 0.17% today, it is currently trading at Rs 72 against the US dollar.

 

Conclusions:

The Indian share market Nifty and Sensex have closed in a negative zone today. Metal stocks were the main losers followed by Auto, Oil & Gas and Realty. The market may continue to trade lower for the second consecutive day in the week. Any positive outcome from the US President Donald Trump’s visit to India can bounce back the market.

 

Traders can follow our daily Nifty and Bank Nifty views here or weekly market review 

 

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