The benchmark equity market indices on the BSE and the National Stock Exchange (NSE) ended in the negative territory for the third consecutive session after they slipped marginally at the last hour of trade following a largely range-bound session on Tuesday.
The S&P BSE Sensex fell 82.03 points or 0.20 per cent to settle at 40,281.20, while the broader Nifty 50 index on the NSE slipped 31.50 points or 0.27 per cent to end at 11,797.90. During the intraday trade, the indices fluctuated from positive to the negative territory but largely moved in a range throughout most of the trade session.
In the broader market, Nifty 500 index on the NSE fell 23.85 points or 0.24 per cent to end at 9,734.35. On the BSE, the S&P BSE MidCap index settled at 15,376.40, down 67.68 points or 0.44 per cent, while the S&P BSE SmallCap index ended at 14,448.01, down 65.14 points or 0.45 per cent.
Four out of 11 sectoral indices on the NSE ended lower while the rest were in the green. The Nifty Pharma index was the worst performer of the day slipping 2.21 per cent weighed by Piramal Enterprises, Biocon and Glenmark Pharmaceuticals. On the other hand, Nifty IT index climbed 0.84 per cent led by MindTree and Tata Consultancy Services.
“Markets steadied after a steep selloff yesterday as investors assessed the economic impact of coronavirus which has spread to other nations. Trump-Modi meet failed to provide any sentiment boost for the domestic market as there were no key deals. Virus concerns could remain in the limelight as any further supply disruption could hurt global economic growth in 2020,” Vinod Nair, Head of Research at Geojit Financial Services said in a post-market statement.
SBI Cards IPO
The country’s largest public-sector bank State Bank of India (SBI) has announced the price band of the initial public offer (IPO) its credit card arm SBI Cards and Payment Services. According to an exchange filing, the price band of SBI Cards has been fixed at Rs 750-755 apiece.
The IPO will be opening for subscription on March 2 and the bidding process will end on March 5, 2020. Employees of the SBI who subscribe to the IPO will be eligible for a discount of Rs 75 per share.
The shares of SBI ended 1.15 per cent higher at Rs 326.60 on the BSE, and 1.49 per cent higher at Rs 327.75 on NSE on Tuesday.
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