Sensex Closes Over 200 Points Lower, As TCS, Infosys Help Pare Early Losses
Closing Bell: Sensex Closes Nearly 200 Points Lower, As TCS, Infosys Help Pare Early Losses
Indian equities ended lower, resuming declines after a one-day breather. The indices, however, managed to pare early losses, led by the gains in Tata Consultancy Services Ltd. and Infosys Ltd.
The S&P BSE Sensex fell 0.55 percent to end at 38,409.48 after declining as much as 2.01 percent earlier. The NSE Nifty 50 fell 0.45 percent to close at 11,252.20 after declining as much as 1.96 percent earlier. The broader markets represented by the NSE Nifty 500 Index ended 0.7 percent lower after falling as much as 2.13 percent earlier.
The market breadth was tilted in favour of sellers. About 1,291 stocks declined and 533 shares advanced on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by the NSE ended lower, led by the NSE Nifty Private Bank Index’s 1.8 percent fall. On the flipside, the NSE Nifty Pharma Index was the top sectoral gainer, up 2.1 percent.
Money Market Update: Rupee Stages A U-Turn
The Indian rupee reversed losses and traded little changed at 73.31 against the U.S. dollar.
Commodity Check: Brent Crude Regains Momentum
The Brent crude pared losses and rose 0.6 percent to $52.20 a barrel. It had erased morning gains and had declined as much as 0.48 percent.
Stocks Moving On Heavy Volumes
- Stock fell as much as 7.8 percent to Rs 305.
- Trading volume was more than 30 times its 20-day average.
- Stock fell as much as 3.1 percent to Rs 511.25.
- Trading volume was more than eight times its 20-day average.
Oriental Bank of Commerce
- Stock rose as much as 19.9 percent to Rs 42.35.
- Trading volume was almost 10 times its 20-day average.
- Stock swung from a gain of as much as 6.1 percent to fall as much as 2.1 percent.
- Trading volume was more than five times its 20-day average.
Fab Four Stocks Of The Day
- Stock rose for the second consecutive trading session.
- Shares advanced as much as 12.7 percent to Rs 1,144, the highest since July 19, 2019.
- Trading volume was almost four times its 20-day average.
- Stock rose as much as 8 percent to Rs 173.25.
- Motilal Oswal initiated coverage with a ‘Buy’ rating and a price target at Rs 210.
- Here’s what the analysts had to say:
- To benefit from expansion measures and improvement its product mix across geographies
- Global market share of oral care and personal care tubes to increased
- To benefit from the increasing use of laminated tubes over aluminum.
- CAGR of 8 percent in revenue and 20 percent in PAT over FY19-22
- Shares rose as much as 9.1 percent to Rs 22,500.
- The Stock has been focus after more confirmations of Corona Virus Outbreak has come in last two days
Dr. Reddy’s Laboratories
- Stock rose as much as 4.4 percent to Rs 3,178.40.
- fresh longs seen with high open interest of 13 percent.
- Trading volume was two times its 20-day average.
- Shares traded above their 50-day moving average.
- Positive sentiment for pharma stocks.
- Sandoz has paid $195 million to settle criminal charges that it conspired with other pharma firms to fix generic drug prices.
Market Check: Sensex, Nifty off Day’s Low
Indian equities traded off day’s low.
The S&P BSE Sensex fell 0.77 percent to 38,338 after declining as much as 2 percent earlier. The NSE Nifty 50 fell 0.52 percent to 11,247 after declining as much as 1.96 percent earlier.