Selling was wide spread. The S&P BSE Mid-Cap index was down 0.66% while the S&P BSE Small-Cap index was down 0.23%.
The market breadth was tilted towards the sellers. On the BSE, 846 shares rose and 1253 shares fell. A total of 130 shares were unchanged. In Nifty 50 index, 8 stocks advanced while 42 stocks declined.
Buzzing Index:
Auto stocks witnessed selling pressure post weak sales data for January 2020. The Nifty Auto index fell 1.67% to 7,930.20, extending its losing streak to second session. The index has declined 2.6% in just two trading days.
The Society of Indian Automobile Manufacturers (SIAM) announced the sales figures for the month of January 2020. Domestic passenger vehicle sales declined 6.2% to 2,62,714 units in January from 2,80,091 units in the year-ago month. Motorcycle also declined by 15.17% to 8,71,886 units in January 2020 from 10,27,766 units a year earlier. Total two-wheeler sales in January fell 16.06% to 13,41,005 units as compared to 15,97,528 units in the same month last year. Sales of commercial vehicles were down 14.04% to 75,289 units in January 2020 over January 2019.
Mahindra & Mahindra (down 4.74%), SML Isuzu (down 3.61%), JBM Auto (down 2.44%), Tata Motors (down 2.39%), Eicher Motors (down 2.21%), TVS Motor Company (down 1.51%), Maruti Suzuki India (down 0.94%), Hero MotoCorp (down 0.72%), Bajaj Auto (down 0.45%) and Ashok Leyland (down 0.42%) were top losers in auto segment.
Stocks in Spotlight:
Cement major ACC fell 2.68% to Rs 1,461.05 after consolidated net profit dropped 62.7% to Rs 273.25 crore in Q4 December 2019 as against net profit of Rs 732.31 crore in Q4 December 2019. Net sales rose 4.8% year-on-year to Rs 3,969.77 crore in Q4 December 2019.
Biocon in an exchange filing announced that Bengaluru bench of NCLT has sanctioned the amalgamation of Biocon Research with Biocon Biologics India. Shares of Biocon were trading 1% higher at Rs 311.65 on BSE.
Shares of Shilpa Medicare were trading 4.23% higher at Rs 402.65. The company announced that the USFDA (United States Food and Drug Administration) has successfully completed its audit at company's Active Pharmaceutical Ingredients (API) sites located at Raichur District, Karnataka with Zero observations. The audit was conducted between 3 Febraury 2020 and 7 February 2020. The company will also declare its Q3 December 2019 result today.
Shares of Yes Bank were trading 0.39% higher at Rs 38.85. The bank said it has received shareholders' nod to raise capital by up to Rs 10,000 crore via issuance of equity shares or other convertible securities.
The bank in its board meeting held on January 10 approved raising of funds of up to Rs 10,000 crore in one or more tranches through qualified institutional placement (QIP) or any other private placement of equity or debt.
Yes Bank is banned from trading in NSE's F&O segment after the security crossed 95% of market wide position limit.
Global Markets:
Overseas, most Asian markets were trading lower on Monday as the death toll from a coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity.
China's producer price index gained 0.1% in January. Consumer prices also rose 5.4% year-on-year. China's consumer prices rose the fastest in more than eight years last month, with the outbreak of the coronavirus and subsequent shutdowns of transport links across the country.
In US, markets closed lower on Friday, a day after all three benchmark indexes finished at records, as investors locked in recent stock gains following a stellar January jobs report that exceeded economists' expectations. Also on investors' radar were efforts to contain the fast-moving coronavirus amid a busy week of quarterly earnings reports.
The US economy added 225,000 jobs in January, while the unemployment rate ticked up slightly to 3.6% as the share of Americans in the labor force rose by 0.2 percentage point.
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