INSUBCONTINENT EXCLUSIVE:
Stocks got battered left, right and centre on Wednesday as a rise in the number of coronavirus cases and an adverse order from the Supreme
Court on the AGR issue spooked investor sentiment.
Bank shares took the heaviest beating with IndusInd Bank, Kotak Mahindra Bank, HDFC Bank
tumbling like a pack of cards to hit multi-year lows.
BSE benchmark Sensex dived 1,710 points to 28,869 while its NSE counterpart Nifty
Accumulate fundamentally sound stocks in a staggered manner rather than try and find a market bottom
Industries fell 3.97 per cent to Rs 968, falling into three digits for the first time since July, 2018
The stock is now down 36 per cent for the calendar year.
Rs 5.87 lakh crore wiped offInventors on Dalal Street lost nearly Rs 6 lakh crore
in a secular slide as the total market-cap of the BSE-listed stocks dipped to Rs 113.64 lakh crore.
India VIX at 135-month highIndia VIX,
the fear gauze of the market, gained 2.46 per cent to 64.47 indicating heightened expectation of volatility in the days ahead.
Media index
sole gainerNifty Media was the only index that closed with gains on NSE, rising 0.39 per cent to 1,157
It was lifted by 26.22 per cent gains in the shares of Zee Entertainment, which came after a 20 per cent drop on Tuesday
The scrip closed at Rs 168.
Titan drops to 14-month lowShares of Titan Company fell 7.12 per cent to Rs 930 amid heavy selling pressure
The scrip, one of the favourites of ace investor Rakesh Jhunjhunwala, is now at a 14-month low.
IndusInd Bank at 6-year lowIndusInd Bank
tanked 23.90 per cent to Rs 459.85, posting its biggest single-day fall ever
The stock has been under pressure due to its huge exposure to the debt-ridden Vodafone Idea.
Voda Idea crashes 35%Shares of Vodafone Idea
crashed 34.85 per cent to Rs 3.16 after the Supreme Court scolded telcos for making self-assessment of AGR dues
The court termed it as a contempt of its previous order
Its rival Bharti Airtel plunged 6.14 per cent to Rs 426.20.
HDFC Bank at 27-month lowShares of HDFC Bank plunged 9.92 per cent to Rs 878.50,
sinking to over two-year low
The stock is now down 29.38 per cent year to date.
YES Bank pares gainsShares of YES Bank jumped 50 per cent in early trade but pared the
gains and closed only 3.67 per cent higher at Rs 60.80
The stock had gained over 59 per cent on Tuesday after Moody's upgraded the company's ratings.
1,056 stocks hit 52-week lowsOver 1,000
They included marquee names like Axis Bank, Concor, Federal Bank, IndusInd Bank, Tata Motors, UPL, NTPC, Grasim Industries and Piramal
They included Pidilite Industries, Banco Products, Navin Fluorine, Ipca Laboratories, Universal Arts, Titan Biotech, Akzo Nobel, Advitiya
Trade and JB Chemicals, among others.