Key equity barometers hit fresh intraday low in mid-afternoon trade. The Nifty breached its 50-day daily SMA placed at 12,104.88. Large-caps witnessed selling pressure due to concerns over stretched valuations. Investors also turned cautious ahead of the Union Budget on 1 February 2020.
At 14:28 IST, the S&P BSE Sensex, declined 235.21 points or 0.57% at 41,088.60. The Nifty 50 index fell 73 points or 0.60% at 12,096.85.
In the broader market, the S&P BSE Mid-Cap index was down 0.31% while the S&P BSE Small-Cap index fell 0.12%.
There were more sellers then buyers. On the BSE, 999 shares rose and 1404 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.
Stocks in Spotlight:
Gati rose 0.83% to Rs 66.90 after the company's board on Tuesday allotted 1.33 crore shares at Rs 75 a share to Allcargo Logistics through a preferential allotment. The preferential allotment, approved by the shareholders of Gati on 7 January 2020, takes Allcargo's stake in Gati to 13%. Allcargo paid Rs 100 crore for the shares.
UPL declined 2.30% to Rs 564.35 after the media reported that Income tax Department conduct searches at the company's offices and premises. According to media reports, the taxmen suspect tax evasion and account manipulation by the company. The BSE has sought clarification from UPL on the same and is awaiting a reply.
Hindustan Media Ventures surged 6.64% to Rs 83.50. Consolidated net profit rose 18.36% to Rs 32.68 crore on a 5.61% decline in revenue from operations to Rs 208.48 crore in Q3 December 2019 over Q3 December 2018. Profit before tax surged 41.86% to Rs 47.14 crore in Q3 December 2019 from Rs 33.23 crore in Q3 December 2018.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.634% at 14:27 IST compared with 6.633% in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.235, compared with its previous closing low of 71.21.
In the commodities market, Brent crude for March 2020 settlement was down 39 cents a barrel or 0.6% at $64.20 per barrel. The contract fell 26 cents or 0.4% to settle at $64.59 a barrel in Friday's session.
MCX Gold futures for 5 February 2019 settlement fell 0.02% to Rs 39,903.
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