The Sensex fell 197 points to 40,716
The Sensex fell 197 points to 40,716

Sensex falls over 200 points a day of Budget; RIL, TCS lead losses

  • Kotak Mahindra Bank was the top gainer today
  • Other top losers included ICICI Bank, Maruti Suzuki and ONGC

In a volatile session, Indian markets ended lower, extending losses to the second day. The Sensex fell 197 points to 40,716, with heavyweights RIL and TCS leading the losses. The broader Nifty fell 73 points to 11,962. Among the Sensex stocks, RIL fell 2%, TCS 2.7%, ONGC 5.8%, Maruti Suzuki 1.5%, and ICICI Bank 1.8%.

Shares of Kotak Mahindra Bank rose 4% today after the lender and the RBI reached an agreement on promoter shareholding.

"Investors stayed away from taking fresh positions ahead of Budget 2020. Focus will turn to union budget as all eyes will be on how centre is going to bring growth as any increase in spending would result in widening of fiscal deficit. Global economy is also on the edge with slow growth fears significantly high after the outbreak of the virus," said Vinod Nair, head of research at Geojit Financial Services.

Shares of another lender SBI rose 2.5% after India's largest bank reported record quarter profit while asset quality improved.

Global markets were mixed as World Health Organization declared a global health emergency over the deadly new virus sweeping China.

However, the WHO stopped short of recommending trade and travel restrictions that could have had a bruising effect on China - a key growth engine for the world economy.

"This is not a vote of no confidence in China," WHO chief Tedros Adhanom Ghebreyesushe said, praising Beijing for its swift action to tackle the outbreak.

China has locked down a swathe of its centre, effectively quarantining millions of people in their cities and halting travel around the country. (With Agency Inputs)

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