Sensex & Nifty 50 index: Market down for 5th consecutive days

Sensex & Nifty 50 index: The global cues indicated a negative opening for the Indian stock market in the morning. Later the Indian stock market opened in the red today. Globally the market mood remained impacted with the mounting concern of spreading the novel coronavirus in various countries other than China

 

Sensex and Nifty 50 index today

In the end, the Nifty 50 index fell 45.20 points or 0.38% and at 11633.30 while Sensex was down 143.30 points or 0.35% and at 39745.66. The Bank Nifty also declined by 119.85 points or 039% and closed at 30187.

The Nifty midcap 100 index was down 142.95 points and closed at 17369.50. Whereas the Nifty smallcap 100 index declined 79.65 points or 1.33% and closed at 5912.05.

The top five gainers in the Nifty 50 index were Sun Pharma, Bharti Infratel, Titan Company, Grasim and Kotak Mahindra Bank. The losers in the Nifty 50 stocks for the day are Wipro, JSW Steel, Zee Entertainment, ONGC, and IOC.

In the Nifty midcap space, the gainers for the day are  Mphasis, Federal Bank and the losers are Future Consumers, GMR Infra. The gainers in the Nifty smallcap space are Ircon International, Laxmi Machine and the losers are  Firstsource Solutions, Avanti Feeds.

Among the sectors today, the gainers were Ship Building, Insurance, Photographic products, Healthcare, and Electricals. The losing sectors for the day are Real estate, Media, Automobiles, Banks, Oil & Gas and IT & Softwares.

Today FIIs sold Rs 3127.36 crores and DIIs bought Rs 3497.5 crores in the cash segment. The FIIs are the net seller and DIIs are the net buyers in the cash segment in February so far.

 

Stocks in the news

Nifty 50 index stocks in the news today

Axis Bank has given go-ahead for the appointment of Shri Puneet Shorma as the Chief Financial Officer and the ket managerial Personnel of the bank with effect from 6th March 2020. The share price of Axis Bank gained 0.88% and closed at Rs 735.85 per share.

USFDA has completed the audit successfully at Dr. Reddy’s Telengana unit and issued no Form 483 at the closure of the audit. The share price of Dr. Reddy’s lab fell by 0.27% and closed at Rs 3067.05 per share.

The construction arm of L&T has bagged orders from prestigious clients for its various businesses in India and abroad. The share price of L&T fell 0.07% and closed at Rs 1210.35 per share.

 

Stocks in the news- today’s gainers

Biocon has received 2 observations for its Bengaluru facility from the US Health Regulator USFDA. The share price of Biocon has gained 0.05% and closed at Rs 298.90 per share.

TVS Motors has announced its partnership with Motomundo SA, one of the largest, respected business groups in Honduras. The share price of TVS Motors has gained 0.48% and closed at Rs 145.25 per share.

Zuari Agro has resumed its production at Zuarinagar, Goa plant from 27th February. The share price of Zuari Agro has gained 3.35% and closed at Rs 86.35 per share.

Alphageo has bagged an order from Vedanta for 2D and 3D seismic data acquisition services in Assam for an estimated contract value of Rs 184 crore. The share price of Alphageo has gained 3.06% and closed at Rs 203.90 per share.

 

Stocks in the news- today’s losers

Glenmark Pharma’s Swiss subsidiary, Glenmark Speciality S.A has entered into an exclusive licensing agreement with Himka Pharma PLC for commercializing its novel nasal spray Ryaltris in the US. The share price of Glenmark Pharma fell 0.73% and closed at Rs 293.75 per share.

Sadbhav Infra received Rs 833 crore towards the first tranche in connection with the sale of entire equity held by the company in six operational road projects to the IndInfravit Trust. The share price of Sadbhav Infra fell 2.85% and closed at Rs 25.90 per share.

Radhakrishan Damiani and his brother Gopikrishan Damani have raised their stake in India Cement for the second consecutive day. The share price of India Cement fell 3.21% and closed at Rs 101.10 per share.

Vodafone Idea has sought permission to clear its pending adjusted gross revenue (AGR) dues over 15 years including 3 years moratorium period. The share price of Vodafone Idea fell 5% and closed at Rs 3.80 per share

The government is planning to sell a 10% stake in RITES through a two-day offer for sale. The share price of RITES has declined by 5.96% and closed at Rs 299.25 per share.

 

Crude and Rupee

The Crude oil is falling on the fifth consecutive day on-demand concerns as coronavirus spreads outside China. The cases outside China fuelled fears of a pandemic which could slow down the global economy and lower demand for crude oil.

The Brent crude future oil price is trading at $ 50.61 per barrel at more than two years low. The Indian rupee gained 0.04% and closed at Rs 71.61 against the US dollar.

 

Conclusions:

Indian stock market is down for the fifth straight trading session today. The market is falling due to the fear of spreading coronavirus and its impact on the global economy. FIIs are selling continuously for the last four days. 

Tomorrow GDP growth number will be announced after the market, investors may not carry forward their positions. The market sentiments look negative for the immediate terms. On the other hand, the Nifty 50 index has got strong support at 11500 levels, if it breaks we may see 11300 levels.

Traders are advised to trade with a strict stop loss and can follow our Nifty and Bank Nifty daily technical levels.

 

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Happy Investing!!

Editor’s desk