INSUBCONTINENT EXCLUSIVE:
session to end 153 points lower after two new coronavirus cases were detected in India
This is the index's longest losing streak since May 2019.
In the seven days of fall, the market capitalisation of BSE-listed firms has
slumped by Rs 13 lakh crore.
The Union Health Ministry said that two positive cases of the novel coronavirus -- one in Delhi and another in
Earlier in the day, Sensex rose as much as 785 points to 39,083.17 points on hopes of coordinated rate cuts by global central banks to
support the economy.
However, the index reversed course on news of virus cases
The BSE Sensex finally closed 0.40 per cent or 153.27 points lower at 38,144.02, while Nifty slipped 0.62 per cent or 69 points to close at
of 4.7 per cent in October-December, weighed by a contraction in the manufacturing sector output, data revealed late on Friday
showed.
Market at a glanceMarket breadth slipped into the negative, with declining shares beating advancing ones in the ratio of 3:2 on
BSE.
The broader market was hit even worse
BSE Midcap and Smallcap indices slipped 0.65 per cent and 0.77 per cent, respectively.
Among sectoral indices, BSE Metal and Oil - Gas index
With the market reversing course, the index dropped 0.89 per cent at close.
As many as 19 Sensex stocks closed lower, with financials
contributing the most to the losses.
Energy-to-telecom conglomerate Reliance had risen 3 per cent in early trade, contributing the most to
3 per cent in early trade, but closed 5.1 per cent lower as the market tumbled
The initial public offer of its unit SBI Cards and Payment Services was subscribed 39 per cent on the first day of bidding.
Consumer finance
company Bajaj Finance and private lender Kotak Mahindra Bank dropped 2.24 per cent and 1.26 per cent, respectively
Energy-to-telecom conglomerate Reliance Industries shed 1.04 per cent
Metal producer Tata Steel eroded 4.55 per cent.
Aviation stocks Spicejet and Interglobe Aviation skid 8.88 per cent and 4.37 per cent on
peers in the recent rout mainly due to lower crude oil prices and no addition in coronavirus cases
However, with two new cases reported, we believe the outperformance could reduce in the near term
Globally, market sentiment would be dictated by the updates on the spread of coronavirus cases
The index is likely to face stiff resistance near the 11,550 zone
10,900-11,000 is the next support zone on the downside
addition in coronavirus cases
However, with two new cases reported, we believe the outperformance could reduce in the near term
Globally, market sentiment would be dictated by the updates on the spread of coronavirus
Nifty is likely to face stiff resistance near the 11,550 zone
The 10,900-11,000 range is the next support zone on the downside
markets
European shares steadied on Monday after their worst weekly showing since the 2008 financial crisis, on rising hopes that major
central banks will step in to counter the impact of the coronavirus epidemic on global growth, Reuters reported.
Asian shares also regained
a measure of calm as markets bounced after a searing sell-off last week and as investors pinned hopes on a likely coordinated global
monetary response to help soften the economic blow of the coronavirus outbreak, a Reuters report said.
