Key equity benchmarks traded with modest losses in afternoon trade. Trading was volatile due to monthly expiry of the February series of derivatives contracts. The Nifty continued hovering below its 200-day simple moving average placed at 11,685.62. Investors continued to remain concerned that the global economy could slow down as China struggles to contain the coronavirus outbreak.
At 13:26 IST, the S&P BSE Sensex, declined 221.35 points or 0.55% at 39,667.61. The Nifty 50 index tumbled 65.30 points or 0.56% at 11,613.20.
The broader market was weak. The S&P BSE Mid-Cap index was down 0.65% while the S&P BSE Small-Cap index was down 0.87%.
There were more sellers than buyers. On the BSE, 663 shares rose and 1576 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 11 stocks advanced while 39 stocks declined.
Stocks in Spotlight:
Larsen & Toubro (L&T) was down 0.25% to Rs 1208.40. L&T said its construction arm has secured orders from prestigious clients for its varied businesses in India and abroad. As per the L&T's classification, the valuation of the 'significant' order stands between Rs 1,000 crore and 2,500 crore.
Hindustan Unilever informed that the National Company Law Tribunal (NCLT) Chandigarh has approved a scheme of amalgamation between GlaxoSmithKline Consumer Healthcare and the company. The FMCG major had announced on 6 November 2019 that the scheme of amalgamation was previously approved by the National Company Law Tribunal, Mumbai Bench vide it's order dated 24 September 2019.
Shares of Hindustan Unilever slipped 0.80% to Rs 2223 while those of Glaxosmithkline Consumer Healthcare were trading 0.43% higher at Rs 9680.10.
Adani Ports and Special Economic Zone fell 1.51% to Rs 353.35. The company said that it has incorporated a wholly-owned subsidiary Adani Bangladesh Ports for an authorised capital of 1 crore taka and paid-up share capital of 55 lakh taka.
Global Markets:
Shares in Europe opened lower while most Asian markets declined on Thursday as the rapid global spread of the Coronavirus left investors on edge.
China's National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26. South Korea, where there is the second largest outbreak after China, confirmed a surge of 334 more cases on Thursday morning, bringing the country's total to 1,595. In Japan, a woman has tested positive for the virus for a second time.
Meanwhile in the U.S., President Donald Trump reportedly said on Wednesday that Vice President Mike Pence will be in charge of the U.S. response to the coronavirus outbreak.
In Europe, attention remains focused on the escalation of cases in Italy; 424 people have the virus (up from an initial three people last Friday) and 12 people have died. Trump said that the U.S. could consider restricting travel to Italy and South Korea but would not do so yet.
In US, markets finished mostly lower on Wednesday. The Dow and S&P 500 index fell for a fifth straight day, as investors digested reports on the spread of China's coronavirus to Europe and the Sotuh America.
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