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Over 500 stocks hit 52-week low on BSE; IndusInd Bank, IRCTC hit lower circuit –

Coronavirus pandemic continues to spook the global equity markets with Sensex tanking 804.48 points or 2.63 percent at 29774.61, and the Nifty shed 237.80 points at 8729.25.

Bank Nifty cracked the most, down over 4 percent dragged by IndusInd Bank which tanked 10 percent with the stock witnessing spurt in volume by more than 1.44 times.

The other losers included YES Bank, Kotak Mahindra Bank, Axis Bank, Federal Bank and State Bank of India. However, share price of YES Bank jumped 7 percent as its banking services are scheduled to resume fully after 6 pm today.

Telecom stocks like Vodafone Idea suffered a steep fall of 26 percent intraday on March 18 after the Supreme Court of India refused to offer any further relief to the telecom companies in regards to the AGR dues.

Hearing the Department of Telecommunications (DoT) plea in regard to the adjusted gross revenue (AGR) case, a bench of the Supreme Court of India on March 18 held that no further objections to its orders would be allowed against payable dues.

“Our order is clear, no further objections to be allowed against payable dues,” said Justice Arun Mishra.

Zee Entertainment was the top Nifty gainer jumping over 8 percent followed by YES Bank, Wipro, Infosys and Vedanta.

The top Nifty losers included Bharti Infratel which tanked 14 percent followed by IndusInd Bank, Kotak Mahindra Bank, Bajaj Finance and Titan Company.

Going forward, a move below the level of 8,555 can lead to the next support of 8,458- 7,327 whereas if the index manages to close above 10,165 then the upside resistance is placed at 10,290 -11,095, said Amit Gupta, Co-Founder, and CEO, TradingBells.

The volatility index is up 1.37 percent at 63.79 level.

The most active shares included Reliance Industries, YES Bank, State Bank of India, ICICI Bank and IndusInd Bank.

As many as 351 stocks hit the lower circuit of BSE. These include Future Retail, Vakrangee, Indiabulls Ventures, IRCTC, IndusInd Bank and Avenue Supermarts.

Over 547 stocks hit 52-week low on BSE. Among them were Quess Corp, Corporation Bank, Bharti Infratel, Edelweiss Financial, IndusInd Bank, KEI Industries, M&M Financial, Prestige Estates, JSW Energy, Kotak Mahindra Bank, Axis Bank and Titan Company among others.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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