Benchmark equity indices Sensex and Nifty shed 1 per cent each on Wednesday, tracking weak global markets amid concerns over a growth slowdown in China.
Investor sentiment deteriorated also after government once again missed Rs 1 lakh crore monthly GST collection target in December.A fall in revenue collection raises concerns that government may not be able to contain fiscal deficit at 3.2 per cent of gross domestic product (GDP).NSEs Nifty50 tanked 117 points to 10,792, while BSE Sensex slipped 363 points to 35,891.Lets have a look at highlights of Wednesday's session: Rs 1.39 lakh cr investor wealth gone Wednesdays selloff wiped out Rs 1.39 lakh crore worth of market capitalisation of BSE-listed companies.
Total market-cap of BSE stocks fell from Rs 144.81 lakh crore on Tuesday to Rs 143.42 lakh crore at end of Wednesday.
Jet Airways hits air pocketShares of Jet Airways slipped 6 per cent after crisis-hit airline defaulted in debt repayment to a consortium of Indian banks, led by SBI.
The scrip settled 6.16 per cent lower at Rs 263.Rupee tanks againThe rupee fell nearly 1 per cent, or 66 paise, to trade at 70.06 against US dollar in afternoon trade amid buying of US currency and weak equity market.Metal stocks crackedShares of five metals and mining companies such as Tata Steel, JSW Steel and Hindalco plunged after global brokerages CLSA downgraded these stocks to sell, citing weak Chinese demand.
Shares of Tata Steel, JSW Steel and Hindalco closed 4.21 per cent, 4.89 per cent and 3.77 per cent down at Rs 493.85, Rs 288.70 and Rs 214.40, respectively.
The global brokerage firm maintained a buy rating on both Vedanta and Coal India, but revised price targets to Rs 250 (Rs 300 earlier) and Rs 310 (Rs 360 earlier), respectively.
Vedanta shares closed 4.48 per cent down at Rs 193, while those of Coal India settled 4.10 per cent lower at Rs 237.
BoB-Vijaya-Dena Bank share swap ratioIn a regulatory filing, Dena Bank said its shareholders will receive 110 equity shares of Bank of Baroda of face value Rs 2 for every 1,000 shares held.
Vijaya Bank shareholders will get 402 equity shares of Bank of Baroda (BoB) for every 1,000 shares held.
The announcement came after market hours.
Earlier, BoB shares settled 3.16 per cent down at Rs 119.40, while Dena Bank closed 0.28 per cent lower at Rs 17.95 and Vijaya Bank 0.29 per cent higher at Rs 51.05.60 stocks look ready to fall Momentum indicator moving average convergence divergence, or MACD, showed bearish crossovers on 60 counters on NSE, signalling that these stocks may witness a fall in coming sessions.
Among them were Ashok Leyland, Vedanta, Hindalco Industries, Bharat Petroleum Corporation, Reliance Industries, LT Finance Holdings, Coal India and Motherson Sumi Systems.
On other hand, 30 stocks, including LT Foods, FirstSource Solutions, Emami, Ramco Industries, Minda Industries and Natco signalled bullish crossovers.Who moved my Sensex In absolute terms, HDFC proved biggest drag on Sensex, followed by Reliance Industries, HDFC Bank, Mahindra and Mahindra, Maruti Suzuki and State Bank of India.
In percentage terms, Vedanta (down 4.48 per cent), Tata Steel (down 4.21 per cent), Mahindra Mahindra (down 4.15 per cent) and Tata Motors (down 2.91 per cent) were top losers in 30-share pack.Spurt in open interest With a 13.54 per cent change in open interest, Escorts led stocks that witnessed biggest spurt in open interest on NSE.
It was followed by Eicher Motors (13.50 per cent), Mahindra Mahindra (12.06 per cent), IGL (10.84 per cent) and Indian Bank (10 per cent).
Most active stocksReliance Communications (number of shares traded 9.20 crore), JP Associates (4.46 crore), Ashok Leyland (4.01 crore), YES Bank (3.26 crore) and Punjab National Bank (2.71 crore) were most traded stocks on NSE in terms of volume while Eicher Motors (Rs 1040.86 crore), Reliance Industries (Rs 795.53 crore), Mahindra Mahindra (Rs 791.11 crore), SBI (Rs 762 crore), ICICI Bank (Rs 665.62 crore) and Maruti Suzuki (Rs 654.46 crore) were most active in terms of value.Nifty formed bearish candleThe index formed a small bearish candle on daily chart and made lower low formation for second session.
It eventually closed a tad above its 200-day moving average around 10,790 level.
The daily strength indicator RSI has turned bearish along with a negative crossover, which supports bearish sentiment.
Chandan Taparia of Motilal Oswal Securities said that index, which had been moving in a rising channel, was finding multiple hurdles near 10,950-10,985 zone from last couple of sessions.