Benchmarks reverse gains; breadth negative

Key equity benchmarks reversed gains and slipped into negative terrain in mid-afternoon trade. Weak global sentiment due to fears of a global recession following the coronavirus outbreak, triggered selling pressure.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 91.95 points or 0.29% at 31,298.12. The Nifty 50 index was down 46.95 points or 0.51% at 9,150.45.

Selling was broad based. The S&P BSE Mid-Cap index was down 0.38% while the S&P BSE Small-Cap index fell 1.22%.

The market breadth was negative. On the BSE, 913 shares rose and 1415 shares fell. A total of 161 shares were unchanged. In Nifty 50 index, 27 stocks advanced while 23 stocks declined.

 

Coronavirus Crisis:

A 64-year-old coronavirus patient died at Mumbai's Kasturba hospital on Tuesday (17 March), India's third reported death linked to Covid-19 infection. This is Maharashtra's first coronavirus death. Last week, India confirmed first coronavirus-linked death when a 76-year-old man from Karnataka's Kalburgi died. Second case was reported in Delhi when a 68-year-old woman from Janakpuri, succumbed to the virus.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher at 74.11 compared with its previous closing of 74.25.

The yield on 10-year benchmark federal paper rose to 6.234% at 14:26 IST compared with 6.322% in the previous trading session.

In the commodities market, Brent crude for May 2020 settlement was up 28 cents to $30.33 a barrel. The contract fell $3.05 or 11.22% to settle at $30.05 a barrel in Friday's trading session.

MCX Gold futures for 3 April 2020 settlement fell 1.46% to Rs 38940.

Buzzing Index:

The Nifty Auto index rose 1.59% to 5,936.45, on bargain hunting.

Escorts (up 5.4%), Eicher Motors (up 4.94%), Hero MotoCorp (up 4.8%), Maruti Suzuki India (up 3.5%), TVS Motor Company (up 3.07%), Ashok Leyland (up 2.6%) and Mahindra & Mahindra (up 0.33%) advanced.

Tata Motors (down 3.25%) and Bajaj Auto (down 0.64%) declined.

Stocks in Spotlight:

Titagarh Wagons fell 2.68% to Rs 27.25. The company in a statement to the exchanges said that the operations of its Italian arm have been severely affected due to the Coronavirus outbreak. It has also temporarily suspended operations at the said plant for a period of 15 days.

Sun Pharmaceutical Industries rose 3.46% to Rs 381.55 after the company said its board approved a Rs 1,700 crore share buyback offer at a maximum price of Rs 425 per share.

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