Equities remain range-bound, Cipla falls by 2.4 pc
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quity benchmark indices closed 0.37 per cent lower on Thursday as concerns over the impact of coronavirus on economic growth kept investors across the globe jittery.
The International Monetary Fund (IMF) said the epidemic has already disrupted economic growth in China and its spread to other countries can derail a fragile projected recovery in global economy this year.
But the good news was recovery rates showing signs of improvement. Investors also awaited more clarity on US President Donald Trump's statement ahead of his India visit that the two countries are working on a major trade deal.
The BSE S and P Sensex closed 153 points lower at 41,170 while the Nifty 50 slipped up by 45 points to 12,081. Sectoral indices at the National Stock Exchange were mixed with Nifty IT, FMCG, pharma and financial service in the red.
Among stocks, pharma major Cipla slipped by 2.41 per cent to Rs 436.70 per share while FMCG giants Hindustan Lever and Nestle India closed 1.9 per cent and 1.4 per cent lower.
The other prominent losers were Asian Paints, Tata Consultancy Services, Tech Mahindra, Reliance Industries and Bajaj Auto.
However, IndusInd Bank gained by 3.4 per cent at Rs 1,180.95 per share while Yes Bank inched up by 0.7 per cent and State Bank of India by 2.3 per cent. Tata Steel and Hindalco too traded with a positive bias.
Meanwhile, Asian markets traded flat with Japan's Nikkei inching up by 0.34 per cent. But South Korea's Kospi was lower by 0.67 per cent and Hong Kong's Hang Seng was down by 0.17 per cent.
The People's Bank of China announced a reduction in the lending benchmark rate in a bid to offset the economic impact of coronavirus. More than 2,100 people have died and governments around the world are trying to prevent it from becoming a global pandemic.
✔️ Equities remain range-bound, Cipla falls by 2.4 pc
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