Fri, 28 Feb 2020

Mumbai (Maharashtra) [India], Feb 13 (ANI): Markets traded with a negative bias for most of the trading session on Thursday, a day after the government released data on inflation and factory output which quashed hopes for an immediate cut in key interest rates.

Traders also booked profit as doubts lingered over the global economic impact of rising coronavirus cases in China.

On the domestic front, India's retail inflation for January rose by 7.59 per cent year-on-year while Dec 2019 industrial production contracted by 0.3 per cent.

The BSE SP Sensex closed 106 points lower at 41,460 while the Nifty 50 slipped by 27 points to 12,175. Sectoral indices at the National Stock Exchange were mixed with Nifty private bank down by 1.36 per cent.

Among stocks, IndusInd Bank lost by 3.5 per cent to close at Rs 1,231.85 per share while ICICI Bank dipped by 1.6 per cent, Kotak Mahindra Bank by 1.4 per cent and Axis Bank by 1.1 per cent.

The other prominent losers were Tata Steel, NTPC, Coal India, Bharat Petroleum Corporation and Adani Ports.

However, Yes Bank surged by 6.4 per cent to close at Rs 37.45 per share after the company said it has received non-binding expressions of interest from several prominent investors.

State Bank of India too gained by 2.2 per cent. Dr Reddy's, Titan, UPL, Hindustan Lever, Sun Pharma and Tata Consultancy Services traded with a positive bias.

Meanwhile, Asian stock markets wobbled as the number of new coronavirus cases and deaths in the outbreak's epicentre jumped.

Japan's Nikkei was down by 0.14 per cent while the Shanghai Composite index fell by 0.71 per cent. Hong Kong's Hang Seng closed 0.34 per cent lower and South Korea's Kospi slipped by 0.24 per cent.

China's Hubei province, where the virus is believed to have originated, reported 242 new deaths -- double the previous day's toll -- and confirmed 14,840 new cases a day earlier as officials adopted a new methodology for counting infections.

That took total deaths in China from the newly discovered virus to 1,367, the National Health Commission said.

(ANI)

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