Sensex ends 153 points lower, Nifty slips below 12,100-mark; Asian Paints, HUL, TCS among top losers
Market benchmark Sensex dropped 153 points on Thursday, dragged by losses in index heavyweights Reliance Industries, TCS, HDFC Bank and HUL amid tepid global cues and rising crude oil prices
The 30-share BSE gauge settled 152.88 points, or 0.37 percent, lower at 41,170.12
Similarly, the broader NSE Nifty slipped 45.05 points, or 0.37 percent, to 12,080.85
According to traders, concerns over the economic impact of the coronavirus epidemic on world economy kept investors on edge
Mumbai: Benchmark indices resumed their slide on Thursday as trading sentiment remained at a low ebb on lacklustre overseas cues and lack of buying triggers.
A depreciating rupee and persistent capital outflows also weighed on the bourses, traders said.
After a choppy session, the 30-share BSE Sensex settled 152.88 points, or 0.37 percent, lower at 41,170.12. Similarly, the broader NSE Nifty slipped 45.05 points, or 0.37 percent, to 12,080.85.
Financial markets will remain closed on Friday on account of 'Mahashivratri'.
#MarketAtClose | Sensex & Nifty erase 1st half gains while Midcap index & Nifty Bank close off highs; Sensex slips 230 points & Nifty 71 points from highs to close in the red pic.twitter.com/qFBRyiUo1r
— CNBC-TV18 (@CNBCTV18Live) February 20, 2020
During the week, the Sensex fell 86.62 points or 0.21 percent, while the Nifty shed 32.65 points or 0.26 percent.
Asian Paints, HUL, TCS, Nestle, Tech Mahindra and Reliance Industries were among the top laggards in the Sensex pack on Thursday, dropping up to 2.30 percent.
On the other hand, IndusInd Bank was the top gainer, spurting 3.57 percent, followed by Tata Steel, SBI, ONGC and PowerGrid.
Global markets stayed on the backfoot as investors assessed the economic impact of the coronavirus epidemic.
The coronavirus death toll climbed to 2,118 in China with the death of 114 more people. However, new confirmed cases declined to 394, registering the biggest drop since December when the first case was reported in Wuhan.
"The Sensex remained volatile and ended in negative during the truncated week. Global markets were mixed with the US and Chinese markets trading in the negative for the week... With the coronavirus situation in China stabilising, commodity prices have started to recover. Thus, crude price has started to inch up and is now close to USD 60 per barrel.
"With the earnings season coming to an end, the focus will shift to global and domestic macro developments. There are no major political events in the near term. While the interest level is high for small and midcap stocks, investors are still trying to assess the impact of coronavirus on procurement from China," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
Sector-wise, BSE energy, oil and gas, IT, consumer durables, FMCG, teck and realty fell up to 0.95 percent, while metal, telecom, bankex and power rose up to 0.90 percent.
The broader BSE midcap and smallcap indices outperformed the benchmarks, rising up to 0.51 percent.
Meanwhile, bourses in Shanghai rallied after China's central bank cut interest rates to help ease credit for companies stricken by the virus outbreak.
Benchmarks in Tokyo ended with gains, while Hong Kong and Seoul markets closed in the red.
Stock exchanges in Europe retreated in opening trade.
Brent crude oil futures rose 0.14 percent to $59.20 per barrel.
On the currency front, the Indian rupee depreciated 9 paise to 71.63 per US dollar (intra-day).
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Even though the NSE, as well as the BSE, extended trading hours till 5 pm Wednesday, the overall volumes could not touch the usual averages
While the BSE Sensex was up 7.09 points or 0.01 percent at 49,751.41, the Nifty was up 32.10 points or 0.22 percent at 14,707.80
Axis Bank was the top gainer in the Sensex pack, rising around 2%, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement