Only 1 Sensex stock ends in the green; 266 BSE stocks hit 52-week low
Headline equity indices Sensex and Nifty fell for the fourth consecutive session on Wednesday, with the former erasing its psychological level of 60,000 mark, as 250 BSE stocks were locked in the lower circuit against 139 scrips in the upper circuit.
The Sensex tumbled 928 points, or 1.53 per cent, to settle at 59,744.98, the lowest closing level since 1 February, and the Nifty50 declined 272 points to 17,554.
Among the Sensex pack, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Reliance Industries, HDFC Bank, HDFC, Wipro, ICICI Bank and Tata Steel were the major laggards.
ITC was the lone winner.
“Overnight slump in the US markets shook the Indian stocks badly as heavy selling across the board saw Sensex crash nearly 1,000 points and plunge below the crucial 60,000 mark,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
None of the 139 stocks that hit the upper circuit were from the so-called Agroup scrips. Firms that have high liquidity, higher trading volumes, and trade actively on the stock exchange are included in A group, while shares in the B group have normal trading volumes and fall under the rolling settlement system.
Meanwhile, as many as 266 stocks hit their 52-week low levels on BSE against 68 stocks at a 52-week high.
The group A stocks that touched fresh 52-week low are – Adani Green Energy, Adani Transmission, Aarti Drugs, Aditya Birla Sun Life AMC, Arvind, Adani Total Gas, Bata India, Biocon, Century Textiles, Dollar Industries, Godrej Properties, Graphite India, Ipca Laboratories, Indigo Paints, Laurus Labs, Motilal Oswal Financial Services, Nippon Life, OnMobile, Rupa, Sequent Scientific, Tata Teleservices, Uflex, Paras Defence and V-Mart.
Investors’ wealth plunges ₹3.87 lakh cr
Meanwhile, investors’ wealth eroded by ₹6.97 lakh crore ( ₹6,97,102.05 crore) in four days of decline. The total market valuation now stands at ₹2,61,33,883.55 crore.
The sharp decline in equities eroded ₹3,87,228.19 crore from the market capitalisation of BSE-listed firms today.
Traders remained cautious ahead of the FOMC minutes due tonight as well as the RBI monetary policy meeting minutes.
“Resurgence of cold war between US & Russia has brought apprehension in the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially on food and oil exports, is adding to the anxiety,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The market is just recovering from the pandemic, and high interest and inflation are the headwinds in the background. It is presumed that this war will be fought on an economic front, limiting its effect on strong economies like the US and India,” Nair said.
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