Sensex, Nifty settle lower for fifth consecutive session; pharmas, FMCG stocks gain

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Published: February 27, 2020 4:23:47 PM

As many as 20 stocks out of 30 Sensex stocks ended lower in today's trade. ONGC was the top loser, down 2.61 per cent, followed by HCL Tech, M&M, SBI and IndusInd Bank.

Sensex, NiftyBarring Nifty FMCG and Nifty Pharma, all the sectoral indices settled in red. Nifty PSU Bank dropped over 2 per cent weighed by PNB, Bank of Baroda

Domestic equity market benchmarks Sensex and Nifty settled lower for the fifth consecutive session on the day of expiry of futures & options (F&O) contracts for February series. S&P BSE Sensex closed 143 points or 0.36 per cent lower at 39,746, while the Nifty 50 index settled at 11,633, down 45 points or 0.39 per cent. In the broader market, the S&P BSE MidCap index fell 0.65 per cent to close at 15,072 while the S&P BSE SmallCap index lost 120 points or 0.83 per cent to settle at 14,209. “The sentiments continued to remain sluggish as reports came of the Gross Domestic Product (GDP) growth to stay flat at 4.5% in the October-December 2019. The reports also said that India could face risk of getting impacted by the coronavirus epidemic economically because of its high reliance on Chinese imports for various goods,” Narendra Solanki, AVP- Equity Research, Anand Rathi Shares and Stock Brokers said.

Top gainers and losers on S&P BSE Sensex- As many as 20 stocks out of 30 Sensex stocks ended lower in today’s trade. ONGC was the top loser, down 2.61 per cent, followed by HCL Tech, M&M, SBI and IndusInd Bank. While Sun Pharma, Titan, Axis Bank and Asian Paint were the top index gainers.

Most of the sectoral indices traded in red- Barring Nifty FMCG and Nifty Pharma, all the sectoral indices settled in red. Nifty PSU Bank dropped over 2 per cent weighed by PNB, Bank of Baroda and Indian Bank. However, Nifty Pharma index gained over half a per cent with Piramal Enterprises, Glen Mark and Lupin as top index gainers.

F&O expiry- Market participants rolled over their positions from February series to March 2020 series. “Domestic and global equity market got impacted by weak expiry of monthly F&O and selling in the global market due to the spread of new coronavirus cases in some parts of the world,” Vinod Nair, Head of Research at Geojit Financial Services said.

India’s GDP seen growing at 4.7% in December quarter- India’s economy probably fared slightly better in the December quarter, before suffering a relapse due to the impact of the coronavirus globally, analysts said. The median forecast of a Reuters poll of economists put annual economic growth at 4.7% in the December quarter, marginally higher than 4.5% in the previous quarter thanks to a small rebound in rural demand, private consumption and government spending, Reuters reported.

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