S&P BSE Sensex ended 82 points or 0.20 per cent lower at 40,281, while the broader Nifty 50 index settled at 11,813, down 16 points or 0.14 per cent.
Extending losses to the third trading day, Sensex and Nifty settled a tad lower on Tuesday as investors assessed the economic impact of coronavirus which has spread to other nations, says Vinod Nair, Head of Research at Geojit Financial Services. S&P BSE Sensex ended 82 points or 0.20 per cent lower at 40,281, while the broader Nifty 50 index settled at 11,813, down 16 points or 0.14 per cent. In the broader market, the S&P BSE MidCap index drooped 68 points, or 0.44 per cent at 15,376, while S&P BSE SmallCap index settled at 14,448, down 65 points or 0.45 per cent. “Trump-Modi meet failed to provide any sentiment boost for the domestic market as there were no key deals. Virus concerns could remain in the limelight as any further supply disruption could hurt global economic growth in 2020,” Vinod Nair said.
14 out of 30 Sensex stocks in red- Sun Pharma was the top loser, down 2.37 per cent, followed by HCL Tech, RIL, IndusInd Bank, LT and Titan. However, TCS was the top index gainer, up 1.98 per cent. Tata Steel, Bharti Airtel, SBI, HUL and Tech Mahindra were among other index gainers.
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Most of the Nifty sectoral indices ended in positive territory– Nifty IT index gained the most driven by MindTree, NIIT Tech, TCS and Just dial. Conversely, Nifty Pharma index dropped 2.21 per cent weighed by Piramal Enterprises, Biocon and Glenmark.
Weak trend to continue– “We expect that the weak trend in the market may continue for a while as Coronavirus is still rattling the sentiments across the globe. On the domestic front, weaker than expected Q3FY20 GDP (scheduled later this week) could further dampen investor confidence at least in the near-term. We suggest buy on dips approach in fundamentally sound stocks amid the prevailing uncertainty,” Ajit Mishra, VP – Research, Religare Broking Ltd said.
Technical observation- “After witnessing a sharp weakness on Monday, the Nifty shifted into a consolidation with weak bias today and closed the day slightly lower. A small negative candle was formed today, that has placed at the immediate support of 11783 (upper area of previous opening upside gap of 4th Feb). Technically this pattern could be considered as a temporary halt in the downside momentum. The Nifty showed a lack of strength to sustain the intraday upside recovery today, despite moving above from the support, which is not a good sign for bulls to sustain the highs,” Nagaraj Shetti – Technical Analyst, HDFC securities said.
India’s economy likely grew 4.7% in December quarter– According to a Reuters poll, annual gross domestic product growth likely rose to 4.7 per cent in the last quarter of 2019 from 4.5 per cent in the previous quarter, when the growth rate appears to have bottomed out