NEW DELHI: After a seesaw battle between the bulls and the bears, domestic equity benchmarks closed in the red on Thursday amid a spike in coronavirus cases in India.
Banks and financials were battered, as concerns over credit repayment dented investor sentiment. Railway ticket master IRCTC had another bad day, as Indian Railways was forced to cancel more trains due to low occupancy.
BSE flagship Sensex gave up afternoon gains to close at 581 points lower at 28,288. NSE’s Nifty fell 205 points to 8,263. Broader market indices underperformed and fell 4-6 per cent.
“It was a roller-coaster ride for the benchmark indices. The pace of the decline was steeper compared with the initial fall during the 2008 Global Financial Crisis, probably due to the unexpected event unfolding. Having said that, Nifty might find some comfort around the 7,600 mark. However, such relief could be temporary,” said Ajit Mishra, VP – Research, Religare Broking.
Here is a lowdown of the movers and shakers of Thursday’s session on Dalal Street:
Smallcap index @6-year low
Smallcaps were the biggest casualties in Thursday’s sell-off. Nifty Smallcap100 index plunged 5.53 per cent to a six-year low of 3,796. Future Lifestyle was the biggest loser in the pack, down 20 per cent. Spandana Sphoorthy and Tata Elxsi were among the other big losers.
Nifty Midcap @4-year low
Midcaps faced the fury of the bears as the Nifty Midcap Index plunged to a 4-year low level. The index fell 4.3 per cent to 12,053. Top losers in the index included IDFC First Bank, BEL, Chola Finance and HEG, which slumped 13-15 per cent.
VIX hits a 12-year high
India VIX jumped to a 12-year high with 12.50 per cent gain. The index, also known as fear gauge of the market, settled at 71.95.
All sectoral indices in the red
All sectoral indices closed in the red on NSE, with Nifty Auto and Nifty Metal indices plunging the most at over 5 per cent each. Nifty Metal index closed at a four-year low while Nifty FMCG Index fell 0.85 per cent to hit a 3-year low.
Who moved my Sensex?
Reliance Industries and ICICI Bank were the biggest negative contributors, bleeding 156 points and 103 points, respectively. Axis Bank, Bajaj Finance and Larsen & Toubro were other major drags, shedding 240 points together.
DRL launches depression drug
Dr Reddy’s Laboratories has launched generic Naloxone Hydrochloride injection used for complete or partial reversal of opioid depression in the US market. However, the stock slid 1.69 per cent to Rs 2,622.
YES Bank drops 11%
Shares of YES Bank plunged 11.35 per cent to Rs 53.90 after the single largest promoter Madhu Kapur, widow of its founder chairman Ashok Kapur, sold 2.5 crore bank shares in a block deal on Wednesday.
Only sellers for IRCTC
IRCTC hit the 5 per cent lower circuit as Indian Railways cancelled 155 trains due to low occupancy and coronavirus. The stock settled at Rs 1,000.35, halfway from its all-time high of Rs 1,995 hit last month.
Shree Cement debuts on Nifty
Shree Cement debuted on Nifty50, replacing YES Bank. The scrip, however, had a disastrous first-day as part of the index, plunging 11.60 per cent to Rs 16,850.
1,206 shares @52-wk lows
Over 1200 shares kissed their 12-month low during the trade. They included ACC, Ambuja Cement, Bajaj Finance, Concor, Britannia, GMAIL, Coal India, BPCL and Bharat Forge, among others.
93 stocks ‘oversold’
Over 90 names turned ‘oversold’ in Thursday’s trade as they crossed below the 30-mark on the Relative Strength Index. They included Ashok Leyland, HUL, IRB Infra, Lloyds Steels, Mangalore Chemicals, The New India Assurance, MindTree, Sadhana Nitro and Astral Poly, among others.