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Market trades lower on growth concerns, coronavirus threats; Nifty slips below 12,000

The Indian equity market opened lower on Tuesday tracking weak global cues as rising coronavirus death toll kept investors worried about the hit on global growth.

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By Ankit Gohel  February 18, 2020, 9:47:03 AM IST (Published)

Market trades lower on growth concerns, coronavirus threats; Nifty slips below 12,000
The Indian equity market opened lower on Tuesday tracking weak global cues as rising coronavirus death toll kept investors worried about the hit on global growth.


The Sensex opened 13.23 points or 0.03 percent lower at 41,042.46 while the Nifty50 index opened 17.55 points or 0.1 percent lower at 12,028.25. The Sensex and the Nifty fell further in the initial trade.

At 9:42 am, the Sensex was trading 257 points lower at 40,798 while the Nifty was trading 81 points lower at 11,964.

Broader markets also edged lower in the opening sesson, with Nifty Smallcap100 down 0.88 percent and Nifty Midcap100 index falling 0.66 percent.

Moody's downgrading India's growth projection also weighed on investor sentiment. The global credit rating agency slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery.

Barring Nifty Media, all other sectoral indices were trading in the red.

YES Bank, IndusInd Bank, Bharti Infratel, Hindalco Industries and Hero MotoCorp were the top Nifty50 losers while Zee Entertainment Enterprises, Tech Mahindra, Cipla, GAIL India and HCL Technologies were the Nifty50 top gainers.

In Asia, shares fell and Wall Street retreated from record highs on Tuesday after Apple Inc said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China.



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