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  • Mid-Session - Detailed News
Sensex tumbles 300 pts; European markets open lower
30-Jan-20   13:29 Hrs IST

The benchmark indices trimmed losses after hitting fresh intraday low in afternoon trade. The Nifty continued to trade below 12,050 level. At 13:29 IST, the S&P BSE Sensex, was tumbled 312.61 points or 0.76% at 40,886.05. The Nifty 50 index was tumbled 91.55 points or 0.75% at 12,037.95.

Sentiment was affected by weak Asian cues amid rising death toll from a new virus spreading in China. Trading was volatile due to expiry of monthly derivatives today.

The broader market corrected. The S&P BSE Mid-Cap index was down 0.99% while the S&P BSE Small-Cap index lost 0.91%.

There were more sellers than buyers. On the BSE, 698 shares rose and 1560 shares fell. A total of 134 shares were unchanged. In Nifty 50 index, 10 stocks advanced while 40 stocks declined.


Federation of Indian Chamber of Commerce and Industry (FICCI) projected India's FY20 GDP Growth Rate at 5%. FICCI on Wednesday said that its Economic Outlook Survey has projected the country's annual GDP growth rate at 5%. The projection made is in line with projections made by the National Statistical Organisation (NSO).

The median growth forecast for agriculture and allied activities has been put at 2.6% for 2019-20; the industry and services sector are expected to grow by 3.5% and 7.2% respectively during the current year. Growth is likely to improve to 5.5% in 2020-21 as per the projections.

Furthermore, a median forecast of 4.7% for GDP growth has been pegged at for the third quarter of 2019-20. The growth numbers for the third quarter are expected to be released by Central Statistical Organisation in the month of February 2020

Stocks in Spotlight:

Bajaj Auto (up 1.75%), Power Grid Corporation of India (up 1.05%), Eicher Motors (up 1.04%), Bharti Infratel (up 0.86%) and NTPC (up 0.49%) advanced.

Cipla (down 2.50%), Reliance Industries (down 2.24%), Bajaj Finserv (down 2.22%),Zee Entertainment Enterprises (down 2.04%) and Wipro (down 1.86%) declined.

HDFC Bank shed 1.19% to Rs 1221.25. The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1 crore on the bank for failure to undertake on‐going due diligence in case of 39 current accounts opened for bidding in Initial Public Offer.

Yes Bank declined 5.58% to Rs 38.90. India Ratings maintained 'Rating Watch Negative (RWN)' on Yes Bank, saying that the lender continues to remain in discussions with potential investors but raising sizeable capital in the near-term could be challenging. RWN indicates that the rating will be either affirmed or downgraded. It has maintained RWN on the Basel III tier-2 bonds of Rs 11,000 crore, additional Basel tier-1 bonds of Rs 11,100 crore and infrastructure bonds of Rs 3,580 crore.

Larsen & Toubro was down 0.53% to Rs 1358.15. The water & effluent treatment business of L&T Construction has secured a 'Large' EPC order from Narmada Valley Development Authority (NVDA), Government of Madhya Pradesh to execute the Indira Sagar-Parwati Phase III & IV Lift Micro Irrigation Project. This is a repeat order from NVDA, for whom L&T is already executing the Parwati Phase I & II and various other projects. As per the company's classification, the valuation of the 'large' order lies between Rs 2,500 crore and Rs 5,000 crore.

Foreign Markets:

European stocks opened lower while Asian shares declined on Thursday as worries about the spread of a new virus from China sent investors heading for safe instruments like gold & bonds. The outbreak of Coronavirus continued to terrorise and outgrow. The death toll from coronavirus touched 170 mark with a confirmed case in Tibet.

In US, markets ended little changed on Wednesday, with better-than-expected results from blue-chip names, including Apple, offset by lingering concerns related to China's coronavirus outbreak.

The Federal Reserve held its benchmark fed funds interest rate steady in a range between 1.5% and 1.75% on Wednesday, saying the economy remained on a moderate growth path. But Fed Chairman Jerome Powell acknowledged that the coronavirus epidemic in China introduces uncertainty into the outlook and also called asset valuations “somewhat elevated.”

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