Sensex, Nifty end lower for third day as macroeconomic worries persist; ONGC, Sun Pharma, NTPC among top losers
Domestic equities clocked losses for a third session in a row on Monday as worries over economic slowdown and financial impact of coronavirus outbreak continued to play in the minds of investors
At the closing bell, the BSE gauge Sensex was down 202.05 points, or 0.49 percent, at 41,055.69
The index swung about 390 points during the session
The NSE barometer Nifty fell 67.75 points or 0.56 percent to close at 12,045.80
Mumbai: Domestic equities clocked losses for a third session in a row on Monday as worries over economic slowdown and financial impact of coronavirus outbreak continued to play in the minds of investors.
At the closing bell, the BSE gauge Sensex was down 202.05 points, or 0.49 percent, at 41,055.69. The index swung about 390 points during the session.
The NSE barometer Nifty fell 67.75 points or 0.56 percent to close at 12,045.80.
— CNBC-TV18 (@CNBCTV18Live) February 17, 2020
On the Sensex chart, ONGC led the fall with a 3.20 percent drop after the company posted halving of its December quarter net profit.
Other top laggards on the index were Sun Pharma, NTPC, Bajaj Auto and HDFC -- slipping as much as 2.37 percent.
On the other hand, Titan, Nestle, TCS, Kotak Bank and Tata Steel emerged as major gainers, rising as much as 1.86 percent.
Of the Sensex constituents, 19 closed in the red and 11 in the green.
Sectorally, oil and gas index fell the most (2.39 percent), followed by utilities (2.07 percent), power (1.76 percent), realty (1.53 percent) and healthcare (1.50 percent).
In contrast, consumer durables, IT and teck emerged as gainers.
In the broader market, BSE Midcap and smallcap indices fell 0.91 percent and 1.02 percent, respectively.
Further weakening investor sentiment, Moody's Investors Service has slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower-than-expected economic recovery.
Meanwhile, worries over rising death toll and the economic fallout from the novel coronavirus continued to haunt investors globally.
The coronavirus epidemic that emerged in central China has now killed nearly 1,800 people and spread around the world.
The latest figures from China show there are more than 70,000 people infected in the country.
"Domestic growth concerns seem to be back in the market as indicated by a recent downgrade by Moody's. Banks having significant exposure in telecom players continue to be in the limelight as lack of funds could delay the payments and degrade the quality of banks balance sheet," Vinod Nair, Head of Research at Geojit Financial Services, said.
Continuous rise in coronavirus cases has forced major Asian peers to downgrade their growth outlook which could cause a ripple effect in other nations in the first quarter while recovery is expected from the second, he said.
In fresh developments on the AGR matter, Vodafone Idea and Tata Group have made part payment of about Rs 2,500 crore and over Rs 2,190 crore, respectively, to the telecom department towards statutory dues, a government official said on Monday.
Bharti Airtel also paid Rs 10,000 crore to the telecom department towards statutory dues.
Reacting to the developments, telecom stocks closed mostly lower.
Elsewhere, Asian markets closed mixed, while European bourses opened higher.
Global crude benchmark Brent was quoted trading at $57.28 per barrel, down 0.07 percent.
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Stock Market roundup: Sensex surges 750 points, Nifty above 14,750; key stocks that moved most today
The market began on a good note, gaining around 1.5 percent on the back of positive domestic data and auto sales number on the first day of March
ONGC was the top gainer in the Sensex pack, rallying 4.66 percent, followed by NTPC, Reliance Industries, IndusInd Bank, Axis Bank and PowerGrid
The 30-share BSE Sensex slumped 400.34 points or 0.77 percent to close at 51,703.83 while the broader NSE Nifty tumbled 104.55 points or 0.68 percent to 15,208.90