Markets end in red as uncertainty over coronavirus outbreak looms

By: |
Published: February 26, 2020 2:45:38 AM

Sensex ended 0.20% or 82.03 points lower at 40,281.20, while Nifty50 closed 0.27% or 31.50 points lower at 11,797.90.

sensex, bseShares of SBI rose 1.15% ahead of the initial public offering (IPO) issuance by its subsidiary SBI Cards and Payment Services.

Indian equity markets slipped for the third consecutive session on Tuesday, tracking muted global cues and prevailing concerns over the coronavirus outbreak.

Sensex ended 0.20% or 82.03 points lower at 40,281.20, while Nifty50 closed 0.27% or 31.50 points lower at 11,797.90. Investor wealth of Rs 3.9 lakh crore has been wiped out in the last three sessions as the benchmarks lost over 2.5% during the same period.

Korea’s Kospi, which had fallen by 3.87% on Monday’s sell-off, edged up 1.18%. Similarly, bourses in Taiwan and Hong Kong traded in the green.

European markets started the day on a tepid note with major indices down about 0.5%.

Explaining the reason for the continuing decline, KRChoksey Investment Managers MD Deven Choksey said there is still uncertainty over the implications of spreading of coronavirus. “There is no definition on the extent of market fall on a day, it boils down to market psychology and investors need to remain patient at times like this. The upcoming futures and options (F&O) expiry will reflect the global markets, if there is selling pressure globally then it will impact the markets,” he said before adding that foreign exchange traded funds (ETFs) were sellers and domestic institutions were buyers in the current market.

For most part of Tuesday, the benchmarks traded in a choppy fashion and switched sides before closing in the negative territory. The biggest losers on Sensex were Sun Pharma, HCL Technologies and Reliance Industries. Additionally, shares of HDFC Bank fell 0.81% to close at Rs 1,200.25 apiece after the company informed the exchanges on Monday of a stake sale to the tune of `156.4 crore by MD and CEO Aditya Puri.

On the other hand, Tata Consultancy Services, Tata Steel and State Bank of India remained the biggest gainers in the market. Shares of SBI rose 1.15% ahead of the initial public offering (IPO) issuance by its subsidiary SBI Cards and Payment Services.

The overall market breadth continued to remain negative with BSE Midcap and BSE Smallcap indices shedding 0.44% and 0.45%. On Tuesday, 1516 stocks declines against 929 gaining on the BSE. Sectorally, BSE Energy, BSE Oil&Gas and BSE Healthcare were the biggest losers.

Foreign portfolio investors (FPIs) sold equities worth $322.38 million dollars where domestic institutional investors remained net buyers to the tune of $217.9 million.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Indigo shares plunge after SEBI probe suggests prima-facie violations of corporate governance norms
2Sebi proposes stricter regulatory framework for corporate bonds, debenture trustees
3SBI Cards IPO to be the fourth largest PSU IPO; here’s how bigger ones have fared in share market so far