Indian benchmarks extended their early morning losses to trade around 0.80 per cent lower taking cues from their weak Asian peers. Asian stock markets are mostly lower on Wednesday following the weak cues overnight from Wall Street amid continued fears that the coronavirus outbreak could escalate into a pandemic.
Whereas, Gold prices rose on February 26, heading back towards a more-than seven-year high hit earlier this week, as a warning from the United States over the domestic spread of the coronavirus outbreak rattled global markets, supporting safe-haven demand.
Among key stocks, shares of India Cements surged 18.5 per cent to Rs 103.35 on Wednesday, thus rallying over 37 per cent in the past two trading days after Gopikishan Damani bought 2.75 per cent stake in the company for a total amount of Rs 70.5 crore via open market.
Meanwhile, IRB Infrastructure Developers share price rose more than 4 percent on February 26 after company received the Mumbai-Pune Expressway project under the toll-operate-toll model. Whereas, Shares of Wockhardt fell almost 2 percent, a day after rating agencies CARE Ratings and India Ratings revised the company's ratings.
At 11:32 hours, the 30-share benchmark index was trading at 39996.43 down by -284.77 points or by -0.71 %, while the NSE Nifty was at 11698.4 down by -99.5 points or by -0.84 %.
In the volatile trade so-far, the BSE Sensex touched intraday high of 40194.89 and intraday low of 39888.17 The NSE Nifty touched intraday high of 11743.45 and intraday low of 11679.55.
The top gainers of the BSE Sensex pack were UltraTech Cement Ltd. (Rs. 4402.30,+1.33%), Hindustan Unilever Ltd. (Rs. 2247.50,+0.68%), Asian Paints Ltd. (Rs. 1833.00,+0.42%), Power Grid Corporation of India Ltd. (Rs. 186.90,+0.35%), NTPC Ltd. (Rs. 110.35,+0.18%), among others.
Whereas, the top losers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 377.00,-2.99%), IndusInd Bank Ltd. (Rs. 1131.40,-1.95%), Maruti Suzuki India Ltd. (Rs. 6298.00,-1.78%), Bharti Airtel Ltd. (Rs. 526.05,-1.74%), ICICI Bank Ltd. (Rs. 523.40,-1.47%), among others.
Among the sectors, IT index was at 16465.01 up by 84.67 points or by 0.52%. Cigniti Technologies Ltd. (Rs. 278.00,+4.08%), Nelco Ltd. (Rs. 265.25,+3.63%), Shivalik Bimetal Controls Ltd. (Rs. 44.45,+2.18%), Zen Technologies Ltd. (Rs. 58.70,+1.73%), Kellton Tech Solutions Ltd. (Rs. 15.30,+1.66%),.
On the flip side, Auto index was at 16380.14 down by -246.73 points or by -1.48%. Motherson Sumi Systems Ltd. (Rs. 113.15,-3.04%), Tata Motors Ltd. (Rs. 145.30,-3.04%), Exide Industries Ltd. (Rs. 169.95,-2.61%), Ashok Leyland Ltd. (Rs. 78.60,-2.42%), Eicher Motors Ltd. (Rs. 17210.00,-1.80%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2248 , shares advanced were 752 while 1363 shares declined and 133 were unchanged.