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Afternoon Session: Markets trade below day's low, Nifty near 12,200; metals drag

Afternoon Session: Markets trade below day's low, Nifty near 12,200; metals drag

Afternoon Session: Markets trade below day's low, Nifty near 12,200; metals drag
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By Ankit Gohel  Jan 27, 2020 1:28:10 PM IST (Published)

Indian benchmark indices traded below the day’s low on Monday afternoon on weak global cues as fears about the economic impact of China's spreading virus outbreak triggered risk-aversion trade.

Indian benchmark indices traded below the day’s low on Monday afternoon on weak global cues as fears about the economic impact of China's spreading virus outbreak triggered risk-aversion trade.

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At 12:30 pm, the Sensex was trading at 41,450.87, down 162.32 points or 0.39 percent and the Nifty was trading at 12,201.15, down 47.10 points or 0.38 percent.
The Nifty Metal index was the worst performer of the day falling over 2 percent followed by Nifty PSU Bank declining 1.25 percent. Nifty IT, Nifty Financial Services and Nifty FMCG also fell 0.3 percent each.
Nifty Pharma, Nifty Realty and Nifty Auto indices were trading in green.
JSW Steel, Tata Steel, Hindalco Industries, Vedanta, and HDFC Bank were the top losers among Nifty50 constituents, while Dr Reddy’s Laboratories, Mahindra & Mahindra, ICICI Bank, UltraTech Cement, and Maruti Suzuki were the top gainers.
JSW Steel shares fell 5 percent in the early trade on Monday after the company reported poor December quarter results. The scrip touched intraday low of Rs 258.35 after falling 5 percent against the previous close of Rs 271.95 on the BSE.
JSW Steel’s Q3FY20 net profit fell 88 percent to Rs 187 crore as compared to Rs 1,603 crore in the same quarter a year earlier. Total revenue from operations dropped by 10.67 percent to Rs 18,182 crore from Rs 20,355 crore year-on-year.
Deepak Fertilizers and Petrochemicals share price jumped over 10 percent intraday on Monday over rumours of government considering import duty cut on raw material for fertilizer companies in the forthcoming budget.
On the global markets front, shares tumbled as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and US treasury notes.
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