Share market updates: Nifty closed below 11700, Sensex down 392 ppts

 

Nifty & Sensex today: It was a weak start for the Indian share market today. The mood of the marked dampened after the Care Rating report projected that GDP growth of 4.5% for Q3 FY20. This is as compared to 6.6% GDP growth in the same period, last year.  For FY20 it has estimated that GDP growth would be 5% with a downward bias.

 

Share market updates: Nifty & Sensex

In the end, the Nifty50 was down 119.40 points and at 11678.50 while Sensex declined 392.24 points and at 39888.96. The Nifty closed below 11700 levels while Sensex is below 40,000 levels. The Bank Nifty declined only 125 points and closed at 30306.85.

The Nifty midcap 100 index declined 187.45 points or 1.06% and closed at 17512.45. Whereas the Nifty smallcap 100 Index was down by 34.40 points and closed at 5991.70 points.

The top five gainers in the Nifty50 stocks are Yes Bank, Bharti Infratel, SBI, Britannia, and HCL Tech. The losers in the Nifty50 stocks are Gail, SunPharma, Tata Motors, Maruti Suzuki and Hindalco.

In the Nifty midcap space, the gainers are Varun Beverages, Bombay Burmah and the losers are Engineers Ind, Future Consumers. In NIfty smallcap space, the gainers are India Cements, Radico Khaitan and the losers are Lemon Tree Hotel, RCom.

Among the sectors today, the gainers are Aviation, Construction Materials, Container Packaging, Electricals, and Telecom. The losing sectors for the day are Metal, Insurance, Oil& Gas, Power, Footwear, and Logistics.

FIIs are the seller in the last three trading sessions whereas DIIs are the buyers in the cash segment. Today FIIs sold Rs 3336.6 crores and DIIs bought Rs 2785.67 crores in the cash segment.

 

Stocks in news

Stocks in the news- gainers for the day

Aurobindo Pharma has received the establishment inspection report with voluntary action initiated status from the USFDA. The share price of Aurobindo Pharma gained 1.20%  and closed at Rs 510 per share. 

Sanofi has announced Q3 earnings, its profit jumped 22.7% on YoY basis at Rs 97.3 crore. The share price jumped all-time high at and its board has also approved payment of final dividend. The share price of Sanofi gained 1.44%  and closed at Rs 7122.50 per share.

Sonata Software has declared a second interim dividend of Rs 14.50 per equity share. The record date for the dividend will be on 9th March 2020. The share price of Sonata Software has gained 1.99%  and closed at Rs 342.95 per share.

 

Stocks in the news- Losers for the day

GMR Group has received Rs 5248 crore as the first tranche of payment from Groupe ADP. The GMR Group has signed an agreement with Groupe ADP for partnership in the airport business. The share price of GMR Infra declined by 4.50% and closed at Rs 24.40 per share.

Cipla has received a warning letter from USFDA for its Goa manufacturing facility. The share price of Cipla fell 0.85% and closed at Rs 422.20 per share.

RBI has lifts regulatory restrictions on Bandhan Bank for its branch opening. The share price of Bandhan Bank fell 2.43% and closed at Rs 394.10 per share.

The Foreign research house Jefferies has downgrades Tata Power stock from buy to hold and cut the share price target from Rs 90 to Rs 55 per share. The share price of Tata Power fell 4.55% and closed at Rs 49.35 per share.

CARE Rating has revised the Wockhardt long term facilities rating as “CARE BB+ ( under credit watch with positive implications)” from CARE BB+ with a stable outlook. The share price of Wockhardt has fallen 2.37%  and closed at Rs 337.60 per share.

IRB Infra bags Mumbai-Pune expressway project under the toll-operate-toll model for 10 years. The share price of IRB Infra has declined by 3.84% and closed at Rs 94 per share.

Sundaram Fasteners has declared an interim dividend of Rs 2.80 per equity share. The share price of Sundaram Fasteners has declined by 2.22% and closed at Rs 431.35 per share

 

Crude and Rupee Updates:

The Brent crude oil future is trading marginally higher from yesterday’s close, it is currently trading at $ 54.55 per barrel almost 0.50% higher. Indian rupee closed at Rs 71.64 against the US dollar today.

 

Conclusions:

Indian share market closed in the red consecutively for the fourth trading session. Globally the market is weak due to the worry of spreading coronavirus outbreak outside China. The investors are worried due to the impact of the deadly viruses on the business across the globe. As per Moody, a global recession can happen if the coronavirus becomes pandemic.

FIIs are selling heavily in the cash market for the last three days. The weakness in the market may continue but Nifty has a strong support level at 11,500. The market may remain volatile for tomorrow due to monthly F&O expiry. Traders should track the global market for tomorrow’s market opening. 

 

If you like the post please share with others,

 

You may also like to read, Your Stock Broker will never say these Hidden Charges.

Nifty50 ahead of Derivative market expiry

Nifty & Bank Nifty futures share price for 27th Feb

Happy Investing!!

Editor’s Desk