Indices fall for fourth straight session, Sensex declines 392 points to end below 40,000-mark

By: Express Web Desk | New Delhi | Published: February 26, 2020 4:28:45 pm

Brokers watch stock prices in Kolkata. (File photo, source: PTI)

The benchmark equity market indices on the BSE and National Stock Exchange (NSE) continued their losing streak for the fourth straight session as they fell around 1 per cent on Wednesday, tracking a sharp fall in US indices overnight and weakness in other benchmark Asian markets amid worries over a possible coronavirus pandemic.

The S&P BSE Sensex fell 392.24 points (0.97 per cent) to end below the critical 40,000-mark. The 30-share BSE benchmark settled at 39,888.96 on Wednesday. Fall in the prices of market heavyweight stocks – Reliance Industries (RIL), Infosys, ICICI Bank, Housing Development Finance Corporation (HDFC) and Tata Consultancy Services (TCS) were the biggest contributors to Sensex’s fall on Wednesday.

On the other hand, the broader Nifty 50 on the NSE cracked 119.40 points (1.01 per cent) to end the day at 11,678.50.

All the sectoral indices on the NSE ended in the negative territory with the Nifty Auto being the top loser of the day after it fell 2.15 per cent driven by Motherson Sumi Systems, Bosch and Tata Motors. The Nifty Metal index slipped 1.63 per cent weighed by Jindal Steel & Power and NMDC.

In the broader market, the Nifty 500 index on NSE fell 102.00 points or 1.05 per cent to end at 9,622.70. On the BSE, the S&P BSE MidCap index slipped 205.76 points or 1.34 per cent to settle at 15,170.64, while the S&P BSE SmallCap index declined 118.94 points or 0.82 per cent to end at 14,329.07.

“Increasing concern regarding coronavirus in the world over is impacting global market. The economic impact is expected to be worse than thought earlier forcing investors to stay away from risky assets. Domestic market is bracing for yet another subdued GDP growth, with a forecasted of 4.6% to 4.7% in Q3 compared to 4.5% in Q2, which is adding to the fear,” Vinod Nair, Head of Research at Geojit Financial Services said in a post-market statement.

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