HomeMarket NewsStocks NewsAfternoon Session: Market trades lower as metal, auto stocks drag; Nifty holds 12,000

Afternoon Session: Market trades lower as metal, auto stocks drag; Nifty holds 12,000

Indian benchmark indices, Sensex and Nifty, traded over half a percent lower Monday afternoon as rising concerns about the economic impact from a coronavirus epidemic led to a downturn in global sentiment.

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By Ankit Gohel  February 10, 2020, 1:13:15 PM IST (Updated)

Afternoon Session: Market trades lower as metal, auto stocks drag; Nifty holds 12,000
Indian benchmark indices, Sensex and Nifty, traded over half a percent lower Monday afternoon as rising concerns about the economic impact from a coronavirus epidemic led to a downturn in global sentiment.


At 12:55 pm, the Sensex was trading 179.99 points or 0.44 percent lower at 40,961.86, while the Nifty was trading at 12,027.50, down 70.85 points or 0.59 percent.

Selling across the board was led by Nifty Metal index which fell over 3 percent followed by Nifty Auto (down over 2 percent) and Nifty PSU Bank and Nifty Realty (down 1 percent each).

Zee Entertainment Enterprises, Tata Steel, Mahindra & Mahindra (M&M), Eicher Motors, and Britannia were the top Nifty50 losers, while UPL, Bajaj Finance, Tata Consultancy Services (TCS), Cipla and ICICI Bank were the top Nifty50 gainers.

Shares of Tata Steel fell over 6 percent after the company reported a consolidated net loss of Rs 1,228 crore for the third quarter of fiscal 2020 as against a net profit of Rs 1,753 crore in the corresponding quarter last year. The loss was mainly due to lower sales and impairment provisions in respect of non-current assets within the European operations.

UPL shares rose more than 5 percent on robust December-quarter results and bullish brokerage views. The agrochemical maker reported a 77.54 percent year-on-year (YoY) rise in its net profit at Rs 838 crore in Q3 versus a net profit of Rs 472 crore in the same period last year. Revenue from operations increased 80.69 percent YoY to Rs 8,892 crore during the quarter under review. After its strong Q3 performance, global brokerages CLSA and HSBC retained a positive outlook on the stock.

Globally, Asian shares pared early losses on Monday as Chinese authorities lifted some coronavirus-related restrictions on work and travel, helping businesses resume work though overall sentiment was still jittery as the death toll from the epidemic climbed.

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