Markets

Sensex drops over 150 points; Tata Steel cracks 5 %

A view of the BSE building in Mumbai. File

A view of the BSE building in Mumbai. File   | Photo Credit: PTI

Mahindra & Mahindra, ONGC, NTPC, PowerGrid, Titan and IndusInd Bank were also in the red.

Market benchmark Sensex dropped over 150 points in opening session on Monday tracking losses in global equities amid rising concerns over coronavirus outbreak.

The 30-share BSE index was trading 171.90 points or 0.42 % lower at 40,969.95, and the broader NSE advanced 51.45 points, or 0.43 %, to 12,046.90.

In the previous session, Sensex closed 164.18 points or 0.40 % lower at 41,141.85, and the Nifty settled at 12,098.35, down by 39.60 points or 0.33 %.

Meanwhile, on a net basis, foreign institutional investors bought equities worth ₹ 161.93 crore, while domestic institutional investors sold shares worth ₹ 178.59 crore on Friday, data available with stock exchanges showed.

Tata Steel was the top loser in the Sensex pack, cracking up to 5 per cent, after the company reported a consolidated net loss of ₹ 1,228.53 crore for the quarter ended on December 2019.

It had posted a consolidated net profit of ₹ 1,753.07 crore during the same quarter a year ago.

Mahindra & Mahindra, ONGC, NTPC, PowerGrid, Titan and IndusInd Bank were also in the red.

On the other hand, ICICI Bank, Bajaj Finance, Bajaj Auto, HDFC and SBI were trading with gains.

According to traders, domestic equities were trading on a negative note following weak cues from global equities as concerns over the economic impact of the coronavirus pandemic kept investors on edge.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with significant losses.

Global crude benchmark Brent slipped 0.20 % to $54.36 per barrel.

The rupee appreciated 9 paise against the US dollar to 71.34 in morning session.

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Printable version | Feb 25, 2020 12:04:06 AM | https://www.thehindu.com/business/markets/sensex-drops-over-150-points-tata-steel-cracks-5/article30780563.ece

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