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Afternoon Session: Market trades lower, Nifty below 11,750; Auto, metal stocks drag

Afternoon Session: Market trades lower, Nifty below 11,750; Auto, metal stocks drag

Afternoon Session: Market trades lower, Nifty below 11,750; Auto, metal stocks drag
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By Ankit Gohel  Feb 26, 2020 1:46:20 PM IST (Published)

Indian benchmark indices traded half a percent lower Wednesday afternoon dragged by sell-off across sectors amid global growth slowdown fears over coronavirus pandemic.

Indian benchmark indices traded half a percent lower Wednesday afternoon dragged by sell-off across sectors amid global growth slowdown fears over coronavirus pandemic.

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At 1:20 pm, the Sensex fell 108.32 points or 0.27 percent to 40,172.88 and the Nifty declined 47.75 points or 0.40 percent to 11,750.15.
Selling in heavyweights such as Tata Motors, Maruti Suzuki, Reliance Industries, among others dragged Nifty below 11,750 levels.
All sectoral indices were trading in the red with Nifty Auto, Nifty Metals and Nifty Realty falling over one percent each.
GAIL India, Tata Motors, Hindalco Industries, Sun Pharmaceutical Industries, and Maruti Suzuki led the losses among Nifty constituents while Yes Bank, UltraTech Cement, NTPC, Adani Ports & SEZ, and Hindustan Unilever were the top gainers.
Shares of Sanofi India surged 9 percent on Wednesday to hit its 52-week high on robust December-quarter results. The company reported a 22.7 percent rise when compared annually in consolidated net profit to Rs 97.3 crore during the quarter ended December 31, 2019, as against Rs 79.3 crore, recorded in a year-ago period. The stock rose as much as 9 percent in intra-day deals to hit its 52-week high of Rs 7,637.55
Shares of Cipla fell over 5 percent in the early trade on Wednesday after the company received a warning letter from the US drug regulator for its Goa manufacturing facility. The scrip touched an intraday low of Rs 401 after declining 5.75 percent on the BSE.
Tata Power share price touched a 52-week low of Rs 50.35, falling 2.6 percent in the early trade on February 26 after foreign research house Jefferies downgraded the stock to ‘Hold’ from ‘Buy’ and also cut target price to Rs 55 from Rs 90 per share. According to Jefferies, between renewable energy acquisition and incremental capex, a material debt decline seems elusive, while lower coal prices led to a 15-20 percent decline in itsFY20-21 EPS.
Globally, Asian shares fell on Wednesday as a U.S. warning to Americans to prepare for the possibility of a coronavirus pandemic jolted Wall Street yet again and pushed yields on safe-haven Treasuries to record lows.
 
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