Sensex nosedives 800 points, Nifty slips below 11,900 dragged down by RIL, HDFC5 min read . Updated: 24 Feb 2020, 03:43 PM IST
- All sectoral indices in red. BSE MidCap falls 240 points
- Sensex fell 778 points or 1.9% at 40,319. Nifty slipped 212 points or 1.8% at 11,868.20
Extending losses for the second consecutive session, benchmark equity indices dropped over 2% on Monday amidst a coronavirus-induced global sell-off, eroding over ₹3 lakh crore of investors’ wealth.
The Sensex and the Nifty fell below the psychologically crucial levels of 41,000 and 12,000. Sensex closed 806 points or 2% lower at 40,363.23 dragged by HDFC twins, RIL, ICICI Bank and ITC. Nifty plummeted 248.50 points or 2% to end at 11,832.35.
All sectoral indices were in red. On BSE, 749 shares advanced, 1,768 declined while 181 remained unchanged. All the 50 shares In the Nifty50 index declined.
Market capitalization of listed companies on the BSE came down to ₹155.36 trillion from ₹158.50 trillion on Thursday. Share markets were closed on Friday for a public holiday.
Sensex below the psychologically crucial level of 41,000
Indian markets fell sharply today, tracking a decline in other global markets as corornavius cases spiked outside China. The Sensex fell 700 points to 40,477.13 while the Nifty50 index slid below 11,700.
Sensex cracks 660 points
Nifty Auto down 2.3%; Maruti Suzuki slips over 3%
An audit of Dewan Housing Finance Corp. Ltd (DHFL) by Grant Thornton has indicated instances of “avoidance transactions" by the company and the auditor has informed the creditors about it at the last meeting on 20 February.
IT companies among rare gainers as benchmark indices tumble
BSE IT up 0.5%
Nifty IT up 0.11%
Pharma stocks under pressure
Nifty Pharma 2% down; Glenmark, Lupin, Aurobindo Dr Reddy top losers.
Bharti Infratel extends deadline to complete merger with Indus Towers
The board of Bharti Infratel has again extended the deadline for completion of the merger with Indus Towers in order to comply with certain conditions despite getting the government nod for FDI enhancement on Friday.
Telecom stocks under pressure; BSE Telecom down 1.8%
Biocon up 1.8%; US FDA observations for Malayasia unit procedural in nature
Shares of Biocon Ltd were up 1.75% at ₹320.50 apiece on the BSE in mid-day trade, after the company said its Malaysia unit was issued a Form 483 with 3 observations which they believe are procedural in nature.
Mid market update
Indian equity indices were off day’s low after falling sharply early today. At 1221 pm, benchmark Sensex was down 350 points or 0.8% at 40,819.65. Nifty 50 was 116.15 points or 1% lower at 11,964.70.
Of the 30 Sensex shares, 24 were in the red. HDFC twins, ICICI Bank, RIL ITC and Bharti Airtel were top laggards, while Tech Mahindra and Infosys were the rare gainers.
Among sectoral indices, BSE Metal was the biggest laggard, down 3.15%, followed by BSE Healthcare down 1.26% and BSE Basic Materials 1%.
BSE Auto 1.7% down
Challenging times again for Aurobindo Pharma
The stock, which had zoomed nearly 20% on the earlier stance of the US FDA, tumbled about 15% on Monday. The BSE Healthcare Index was down 1.47%.
GMR Infra hits 52-week high
Shares of GMR Infrastructure rallied 10% to hit a fresh 52-week high of ₹26.55 apiece on BSE after the company entered into a strategic partnership with France’s Groupe ADP to sell 49% stake in its airport business.
Bharti Infratel up 10%, Vodafone Idea 14%
Shares of Vodafone Idea gained as much as 14% and Bharti Infratel Ltd gained as much as 10% after the the Department of Telecom (DoT) on Friday approved the merger of the country's largest mobile tower company Indus Towers with Bharti Infratel.
Bharti Infratel and Vodafone hold 42% stake each in Indus. Vodafone Idea holds 11.15% stake in the mobile tower firm.
Government may look at 3-5 year medium term divestment strategy: CNBC-TV18
Gold hits record high, crosses ₹43,000 per 10 gram
A weaker rupee and a sharp rise in global rates pushed domestic gold prices to new highs today. On MCX, April gold futures jumped 0.9% to ₹43,036 per 10 gram. Gold prices had surged about ₹1,800 per 10 gram in the past week. Tracking gold, silver prices also moved higher today.
Aurobindo Pharma tanks 15%
Shares of Aurobindo Pharma slipped 15% as USFDA revokes VAI status for Unit-IV, a general injectable formulation manufacturing facility, in Pashamylaram in Andhra Pradesh.
HDFC twins, ICICI Bank, RIL drag Sensex down
Metal Stocks down
BSE Metal slipped 3.5% amid rising concerns over Chinese coronavirus epidemic
Following bankruptcy proceedings last year, Monnet Power Company Limited, currently under liquidation, has invited bids for sale of its power plant in Angul, Odisha.
BSE MidCap down 89 points
Bandhan Bank up 1%
The RBI may grant relief to Bandhan Bank over dilution of its promoter stake. The central bank had earlier insisted that the bank’s promoters should cap their voting rights at 20% by March 2020.
Sensex tanks 450 points in opening session; Nifty plummets 130 points
Market benchmark Sensex plummeted over 450 points in opening session on Monday tracking intense selloff in global equities amid rising concerns over Chinese coronavirus epidemic.
After sinking 497 points in opening session, the 30-share barometer was trading 410.12 points, or 1 per cent, lower at 40,760.
Similarly, the NSE Nifty was trading down by 135.85 points, or 1.12%, at 11,945.
Tata Steel was the top loser in the Sensex pack, cracking over 4%, followed by HDFC, ITC, ICICI Bank, Maruti, Hero MotoCorp, NTPC and PowerGrid. (PTI)
Rupee opens lower
The Indian rupee declined by 30 paise to 71.94 against the US dollar in opening trade on Monday amid muted opening in domestic equities and strengthening of the American currency overseas.
Bharti Infratel, Bandhan Bank, Vodafone Idea, Biocon, RComm are among the top stocks that could be in focus in today's trade.
Investors eye US President Donald Trump's India visit
Investors will watch out for likely deals and announcements given that US president Donald Trump is on his first India visit, beginning today.
The US president will addressing a gathering at the Motera stadium in Ahmedabad, Gujarat.
SGX Nifty indicates a weak start
SGX Nifty fell 0.7% in early deals, pointing to a subdued start for Indian stock markets.
Asian markets slip
In early Asian trades, Nikkei futures slipped more than 1%. Australia's benchmark index slid 1.6% while New Zealand was down about 1%. South Korea's KOSPI index fell 2.2%.