The Indian share market has recovered some lost ground after plunging deep into the red. Union Health Minister Dr. Harsh Vardhan said that there has been 28 confirmed cases in India of the novel coronavirus.
Sensex is down 132.86 points or 0.34 percent at 38490.84, and the Nifty shed 28.30 points at 11275.
Investors/traders concerned more about growth now as India has already been facing economic slowdown issue for more than one-and-half-year. Experts were expecting the growth to start pick up from first quarter of FY21, but now there is question on it.
All sectoral indices barring pharma are trading in the red with auto, banks and metal stocks taking the maximum beating.
Bank Nifty fell almost 3 percent dragged by YES Bank and IndusInd Bank which fell 4-6 percent followed by HDFC Bank, State Bank of India, Axis Bank, ICICI Bank and Kotak Mahindra Bank.
After the rate cut by global central banks to fight coronavirus worries that may hit economies worldwide, the market eagerly awaits more action from the Reserve Bank of India to support the economy and financial markets.
However, the pharma index added over a percent led by Sun Pharma, Cipla, Lupin and Dr Reddy’s Labs.
“We expect that volatility will likely to grip the markets as sentiments would be driven by updates on the spread of coronavirus cases. From technical front both the indices are still trading in a bearish territory as prices are holding below their 200-day exponential moving average on daily interval. Therefore, we advise traders to remain on cautious note as far index is concerned and keep stock specific action on to the radar,” Shitij Gandhi, Senior Technical Analyst at SMC Global Securities told Moneycontrol.
India VIX was up 2.04 percent and was trading at 25.04 level.
The top gainers included Sun Pharma, Cipla, Dr Reddy’s Labs, Tech Mahindra and Asian Paints while the top losers included YES Bank, Tata Motors, IndusInd Bank, Bajaj Finance and Eicher Motors.
The most active stocks included State Bank of India, Indiabulls Housing Finance, Reliance Industries, Sun Pharma and Tata Motors.
426 stocks hit fresh 52-week low on the BSE including YES Bank, IndusInd Bank, ITC, Mphasis, LIC Housing, United Breweries, Tata Chemicals, SpiceJet, PNB Housing Finance, Central Bank of India, Karur Vysya Bank, Exide Industries, Bank of India and CESC among others.
About 443 shares have advanced, 1783 shares declined, and 108 shares are unchanged.
The stocks which moved the most with respect to volumes included YES Bank which fell 6 percent. The stock was trading with volumes of 9,049,079 shares, compared to its five day average of 8,223,750 shares, an increase of 10.04 percent.
Tata Motors share price shed over 3 percent and was It was trading with volumes of 3,011,098 shares, compared to its five day average of 3,106,006 shares, a decrease of -3.06 percent.
Share price of Vodafone Idea shed close to 4 percent and was trading with volumes of 33,633,967 shares, compared to its five day average of 51,091,595 shares, a decrease of -34.17 percent.
Compucom Software tanked 20 percent. It was trading with volumes of 265,507 shares, compared to its five day average of 3,430 shares, an increase of 7,640.28 percent.
Share price of Oriental Bank of Commerce jumped surged almost 16 percent and was trading with volumes of 428,048 shares, compared to its five day average of 79,167 shares, an increase of 440.69 percent.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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