Selling was broad based. The S&P BSE Mid-Cap index fell 3.33% while the S&P BSE Small-Cap index slipped 3.61%.
Sellers outpaced buyers. On the BSE, 355 shares rose and 1996 shares fell. A total of 133 shares were unchanged. In Nifty 50 index, 2 stock advanced while 48 stocks declined.
Economy:
Investors were also cautious ahead of the India's December quarter gross domestic product (GDP) numbers to be released later today, 28 February 2020. ICRA expects that the Indian economic growth may display a mild improvement. It estimates annual economic growth at 4.7% in the October-December 2019 quarter, marginally higher than 4.5% in the previous quarter.
Buzzing Index:
The Nifty Metal index slumped 7.25% to 2,235.35, underperforming the other sectoral indices on the NSE.
Jindal Steel & Power (down 9.33%), Hindalco Industries (down 7.72%), Tata Steel (down 7.24%), JSW Steel (down 7.04%), Hindustan Copper (down 6.1%), Hindustan Zinc (down 5.7%), Steel Authority of India (down 5.67%), NMDC (down 5%), National Aluminium Company (down 3.46%) and Vedanta (down 12.95%) declined.
Stocks in Spotlight:
IndusInd Bank slipped 0.86% to Rs 1106. The private lender said the Reserve Bank of India (RBI) has approved the appointment of Sumant Kathpalia as the bank's chief executive officer (CEO), with effect from 24 March 2020, for three years. Kathpalia, who heads the bank's consumer banking business, will succeed Romesh Sobti.
Motherson Sumi Systems fell 5.22% to Rs 103.45. The auto ancillary said ratings agency S&P Global has re-affirmed long term credit rating at BB+ and revised its outlook to negative for Samvardhana Motherson Automotive Systems Group B.V, a subsidiary of Motherson Sumi Systems.
HFCL slumped 11.80% to Rs 14.20. HFCL said it has signed an agreement to acquire up to 47.87% stake in Chennai-based BigCat Wireless in a Rs 22.5 crore deal. BigCat had a turnover of Rs 7.57 crore in 2018-19. The acquisition would help HFCL to competitively address business of next generation wireless products.
GTPL Hathway fell 5.42% at Rs 62. The company announced that promoter Jio Content Distribution Holdings offered 43.12 lakh shares of the company via Offer For Sales (OFS). The floor price for OFS has been fixed at Rs 63 per share. The OFS for non-retail investors is open today, 28 Feb 2020 while OFS for retail investors will open on 2 March 2020.
Lemon Tree Hotels lost 4.25% to Rs 50.65. The company, through its management subsidiary Carnation Hotels, announced the launch of Lemon Tree Hotel in Thimphu, Bhutan. This is company's first hotel in Bhutan and second in international destination.
NTPC slipped 2.34% at Rs 106.50. The company informed that commercial operation of 250 MW unit of Barauni Thermal Power Station commenced. With this, the commercial capacity NTPC and NTPC group is 48,895 MW and 57,356 MW respectively.
ONGC and HPCL announced acquisition of 9.48 crore shares or 17.28% stake in the government-owned Petronet MHB. Petronet MHB provides petroleum product transportation facility from Mangalore Refinery at Mangalore to the Oil Marketing Company Terminals at Hassan and Devangonthi (Bangalore). The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximization. No governmental or regulatory approvals are required for the acquisition.
Shares of ONGC lost 1.07% at Rs 92.3 while shares of HPCL fell 3.42% at Rs 197.60.
KIOCL tumbled 9.87% to Rs 93.60. The Expert Appraisal Committee (EAC) accorded an Environmental Clearance (EC) for setting up Non-Recovery Coke Oven plant of 0.18 MTPA (million tonnes per annum) with Cogen Captive Power plant of 10 MW and Ductile Iron Spun pipe of 0.2 MTPA within the existing premises of blast furnace unit at Mangalore, Karnataka. The announcement was made during market hours today, 28 February 2020.
Foreign Markets:
Shares in Europe and Asia fell across the board on Friday. Japan's Nikkei sank to into correction territory as coronavirus fears continued to rattle global markets.
New COVID-19 cases have sprung up around the globe in recent days, with trade and industry threatened by mass quarantines and shutdowns.
Japan's Nikkei 225 plunged 3.67%. Data on Friday showed retail sales in Japan declining 0.4% year-on-year in January.
US stocks plunged for a sixth straight day on Thursday as all three benchmark indexes closed in correction territory.
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