Market Highlights: Equity benchmark indices ended around half a per cent lower on Tuesday as the investors sentiment were weighed by the impact of coronavirus on China’s and the world economy. The S&P BSE Sensex dropped around 280 points in the final hour of the trading on Tuesday as the outbreak of coronavirus continued to worry investors. The coronavirus death toll has already increased to 106. Sensex settled 188.26 points or 0.46 per cent lower at 40966.86, while broader Nifty 50 index ended at 12,060.25, down 59 points or 0.48 per cent. Bharti Airtel, Tata Steel, Reliance Industries and Maruti were the top laggards on the Sensex pack, while HDFC twins, Bajaj Finance, Sun Pharma, TCS and Tech Mahindra were among the top gainers on the index.
The shares of Maruti Suzuki slipped 2.08 per cent to Rs 6995 apiece on BSE on BSE despite reporting a 5.1 per cent rise in Q3 FY20 net profit at Rs 1,565 crore as against Rs 1,489.3 crore in the corresponding period of last year on account of cost reduction efforts, lower operating expenses and reduction in corporate tax rate.
Nobel laureate and economist Abhijit Banerjee on Monday flagged the concern that India country might be heading into a recession, and there is “nothing in the data” suggesting otherwise. He re-emphasized the need for the government to address the banking sector. “The banking sector is in doldrums. It needs huge funding from the government. The Centre should also look at infrastructure sector funding,” added the 58-year-old Nobel Laureate.