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Sensex drops 50 points, Nifty flat amid weak global cues; IT stocks gain

Tata Steel was the biggest loser in the pack, falling 1.3 per cent to Rs 471.

Last Updated: Feb 07, 2020, 09.56 AM IST
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent.
NEW DELHI: Domestic equity indices opened flat with a negative bias on Friday, as rising death toll in China due to fast spreading coronavirus weighed on the sentiment.

The BSE Sensex fell 47 points to 41,259 while the NSE Nifty edged 6 points lower to 12,131. Broader market indices were faring better than headline peers, with the Nifty Smallcap index gaining 0.29 per cent to 6,258 and the Nifty Midcap adding 0.16 per cent to 18,276.

The Nifty500 index was up 0.04 per cent at 10,007.

Asian markets fell as toll in mainland China due to coronavirus rose to 636, more than doubling in just under a week, with the number of infections at 31,161.

Sectoral indices were mixed in early trade. The Nifty Metal, The Nifty Bank and the Nifty PSU Bank were among the losers, dropping 0.2 per cent to 0.6 per cent. The Nifty IT was the biggest gainer with 0.57 per cent rise. The Nifty Media, the Nifty Auto and the Nifty FMCG also registered gains.

In the 30-share pack Sensex, Hero MotoCorp, which reported its Q3 numbers on Thursday, was the biggest gainer. It was up 2.24 percent to Rs 2466. NTPC and Titan Company followed with gains of 1.01 per cent and 1.37 per cent. HCL Tech, ITC, and Bajaj Auto were among other gainers.

Tata Steel was the biggest loser in the pack. It fell 1.3 per cent to Rs 471. Power Grid, ICICI Bank and Larsen and Toubro lost in the rage of 0.7-0.8 per cent.

Trent, which reported its profit at Rs 55.74 crore for the December quarter—38 per cent YoY higher, jumped 5.77 per cent to Rs 628 in early trade.

Globally, Asian share markets slipped and oil price gains stalled, as the growing death toll and economic damage from the coronavirus outbreak put a lid on the week's sharp rally.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent. Japan's Nikkei and Korea's Kospi were in the red. Hong Kong's Hang Seng fell 0.6 per cent and the Shanghai Composite was 0.1 per cent weaker.

Barring Shanghai, which has recovered about half of its $400 billion wipeout on Monday, all are ahead for the week, amid a broad global rally.

US stocks overnight gained for a fourth straight session and Wall Street's main indexes hit record highs, while Asian assets - particularly currencies - remain under pressure.

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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