Key equity benchmarks further pared losses in afternoon trade. The Nifty traded well above 11,750 mark. However, weak global cues continue to worry investors.
At 13:22 IST, the S&P BSE Sensex, was down 131.29 points or 0.33% at 40,149.91. The Nifty 50 index was down 43.85 points or 0.37% at 11,754.05.
In the broader market, the S&P BSE Mid-Cap index was down 0.54% while the S&P BSE Small-Cap index was down 0.03%.
The market breadth was titled in the favour of sellers. On the BSE, 882 shares rose and 1366 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.
Stocks in Spotlight:
Yes Bank (up 3.27%), UltraTech Cement (up 1.30%), NTPC (up 0.86%), Hindustan Unilever (up 0.52%) and Britannia Industries (up 0.43%) were the top gainers.
GAIL (India) (down 3.29%), Hindalco Industries (down 2.64%), Tata Motors (down 2.57%), Sun Pharmaceutical Industries (down 2.48%) and Maruti Suzuki India (down 1.91%) were the top losers.
JSW Steel fell 0.99% to Rs 260.10. Ratings agency Fitch has revised the outlook on the company to ''negative'' from ''stable''. Fitch has affirmed its long-term issuer default (IDR) rating on the company to "BB".
The outlook on the IDR has been revised to negative from stable. The agency has also affirmed JSW's senior unsecured rating and the rating on its senior unsecured notes at "BB". The revision of the outlook reflects the risks in JSW's ability to deleverage and generate positive free cash flow (FCF) because of the various challenges in the Indian market, Fitch said. The disclosure was made during trading hours on Wednesday, 26 February 2020.
Cipla slipped 1.02% to Rs 421. The company has received a warning letter from US drug regulator for its Goa facility. The United States Food and Drug Administration (USFDA) had inspected Cipla's Goa facility from 16 to 27 September 2019. The company said that it remains committed to maintaining the highest standards of compliance and will work closely with the agency to comprehensively address all the observations.
Global Markets:
Shares in Europe and Asia fell across the board on Wednesday as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows.
China, the epicenter of the outbreak, reported 406 new confirmed cases and an additional 52 deaths as of 25 Feb. Meanwhile, South Korea, where there is the second largest outbreak, reported a jump of 169 new cases, bringing the country's total to 1,146 infected. It reported one additional death, bringing the total number of fatalities to 11.
In Europe, Italy remains the key concern for the region with the virus now having spread south, beyond its initial outbreak in the northern regions of Lombardy and, to a lesser extent, Veneto.
In US, stocks closed with the Dow Jones Industrial Average registering its worst two day loss on record after the Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak and investors attempted to assess the impact of the epidemic in China on global trade and travel.
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