Fri, 10 Apr 2020

Mumbai (Maharashtra) [India], Feb 18 (ANI): Bears managed to tighten their grip over bourses on Tuesday as disappointing quarterly earnings and threat of disruption in global businesses due to coronavirus epidemic in China kept investors on the edge.

The World Trade Organisation said growth in merchandise trade is expected to remain weak in early 2020 and coronavirus outbreak may dampen trade prospects further.

The pessimistic view spooked traders on Dalal Street. At the closing bell, the BSE SP Sensex was 161 points lower at 40,894 while the Nifty 50 slipped by 53 points to 11,993.

Except for Nifty IT and media, all other sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 1.18 per cent, auto by 1.01 per cent, realty by 0.93 per cent and PSU bank by 0.81 per cent.

Among stocks, Vodafone Idea dropped by 11.4 per cent after India Ratings cut its long-term rating to B from BBB minus and the threat of closure loomed after the Supreme Court's verdict on adjusted gross revenue (AGR) dues. It closed at Rs 3.03 per share.

Bharti Infratel too fell by 11.3 per cent to close at Rs 208.35 per share.

Private lenders Yes Bank and IndusInd Bank dipped by 6.3 per cent and 2.9 per cent respectively while auto majors Tata Motors, Maruti and Hero MotoCorp edged lower by 3.8 per cent, 1.6 per cent and 1.4 per cent respectively.

The other prominent losers were metal major Hindalco, Bharti Airtel, Grasim and UPL.

However, Hathway CableDatacom jumped by 20 per cent, Den Networks by nearly 10 per cent and Network18 media and Investments by 4.9 per cent after Reliance Industries announced a consolidation of its media and distribution businesses spread across multiple entities.

Coal India, Zee Entertainment, Bharat Petroleum Corporation, GAIL and Adani Ports witnessed marginal gains.

Meanwhile, Asian shares fell and Wall Street retreated from record highs after iPhone maker Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.

The warning sobered investor optimism. Tokyo's Nikkei slid by 1.4 per cent, Hong Kong's Hang Seng by 1.54 per cent and South Korea's Kospi by 1.48 per cent. (ANI)

More Central Asia News

Access More

Sign up for Central Asia News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!