Sensex ends lower but off lows, Nifty holds 12,0001 min read . Updated: 10 Feb 2020, 04:24 PM IST
- Auto and metal stocks led the decline
- DMart shares today touched a new high
Indian markets fell today, tracking global markets lower, dragged down by strong selling pressure in metal and auto stocks. The Sensex ended 162 points lower at 40,979 but off its day's lows of 40,798. The broader Nifty settled 0.55% lower at 12,031. Strong selling pressure was seen in auto and metal stocks in particular. M&M slumped 7% while Tata Steel declined 6%. ONGC, Sun Pharma, PowerGrid, NTPC, IndusInd Bank and Titan were among other major losers.
Elsewhere, shares of Avenue Supermarts, the operator of DMart stores, today surged as much as 11% to a record high of ₹2,537 per share. In this process, the market capitalisation of DMart surged above ₹1.55 lakh crore. It is now the 18th most valuable company on BSE in terms of market capitalisation.
Narendra Solanki, head of fundamental research (Investment Services) at Anand Rathi Shares, said: "The mood of the markets remained impacted amid rising apprehension about economic fallout due to Chinese coronavirus globally and increase in casualty figures surpassing SARS outbreak."
Asian markets were mostly lower today as investors kept a close watch on the development of the coronavirus outbreak in China. The death toll from the virus outbreak surged past 900 in mainland China on Monday.
"Market is not out of coronavirus jitter which will add volatility in the short term. Companies with high exposure to Chinese market either in terms of export or import have some impact," said Vinod Nair, head of research, Geojit Financial Services.
Ajit Mishra, VP-research at Religare Broking, remains cautious. "Going forward, the markets would take cues from the last leg of earnings season and global developments on Coronavirus outbreak. On the domestic front, key macroeconomic data like CPI, IIP and WPI this week would be actively tracked by the investors. We continue to maintain our cautious stance at current levels due to lacklustre earnings season and stretched valuations."
(With Agency Inputs)