- F&O: Overall market trend under pressure; resistance levels drop
- Tech View: Nifty negates Hammer pattern; Vix climbs to extreme high
- Sensex nosedives 1,448 pts, logs second-worst fall in history; Rs 5.20 lakh crore equity wealth gone
- As China sneezes, India Inc catches cold: Companies that may take a hit
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Metal stocks were among the biggest losers. Vedanta took a big knock, tanking over 13 per cent. Jindal Steel and Welspun Corp fell about 9 per cent each. Nifty Metal index ended 7 per cent lower.
BSE flagship Sensex recorded the second worst fall in its history, plunging 1,448 points, while its NSE counterpart Nifty sank 431 points to close at 11,201. The biggest fall happen on August 24, 2015, when the 30-pack had crashed 1,624 because of meltdown in Chinese market and a major spike in oil price.
Some analysts said Friday fall was the beginning of a prolonged downslide, while others saw it as a buying opportunity. “The market is yet to quantify the exact economic impact of ongoing virus concerns, but further acceleration could pose risk in short to medium term," said Vinod Nair, Head of Research at Geojit Financial Services.
Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:
UBI sells NSE shares
Union Bank of India said it has sold 0.21 per cent stake in NSE for a cash consideration of over Rs 104 crore. Shares of the company fell 8.28 per cent to Rs 37.10.
Godrej Properties buys land
Godrej Properties has bought a 3-acre land parcel in Mumbai from DIC India for Rs 153 crore. This project will offer 0.45 million square feet of saleable area primarily comprising residential apartments with a small amount of retail space. Shares of the firms closed down 2.30 per cent at Rs 1,015.10.
Coast Guard inducts L&T-built vessel
L&T-built Offshore Patrol Vessel ICGS Varad has been commissioned into the Indian Coast Guard (ICG), according to a regulatory filing. Shares of the EPC major slipped 2.22 per cent to Rs 1,183.
Shriram Transport to raise fund
Shriram Transport Finance Company said that its planning to raise funds through the issuance of debt securities. Shares of the financier fell 4.88 per cent to Rs 1,197.95.
NTPC’s Barauni plant to begin ops
State-owned power major NTPC on Friday said its 250 mw unit of Barauni Thermal Power Station in Bihar will start commercial operation from March 1. Shares of the company slid 2.25 per cent to Rs 106.60.
ITC ends in green
Cigarette maker ITC was the only stock in the Sensex pack that ended the day in green. It gained 0.05 per cent to close at Rs 197.60. All other stocks in the index closed as much 8 per cent down.
Airline stocks nosedive
Shares of airline companies plunged up to 10 per cent on Friday as rating agency Icra said the outlook for the aviation sector remains negative in the wake of the coronavirus outbreak. SpiceJet fell 4.69 per cent to Rs 83.30, Interglobe Aviation dipped 4.80 per cent to Rs 1,300.70 and Jet Airways slid 4.26 per cent to Rs 24.70.
IndianOil developing biomass LPG
Indian Oil Corporation is in the process of developing LPG from biomass and would succeed in another two to three years, a senior official said. The company also said it is ready to supply low emission BS-VI fuels from April 1 and that there will be a marginal increase in retail prices. The stock closed unchanged.
Autos crash, TaMo worst hit
Auto stocks plunged up to 11 per cent as supply chain disruptions due to coronavirus outbreak dented the outlook of the industry, which saw its worst-ever sales decline in two decades recently. Tata Motors was the worst hit, down 10.74 per cent to Rs 129.65. Nifty Auto closed down 3.76 per cent at 6,909.
Broader indices’ YTD return in red
Year-to-date returns for Nifty Smallcap and Nifty Midcap indices turned negative for the year. The former is now down 2.74 per cent and latter 1.85 per cent in the calendar year. Both indices tanked 3.83 per cent and 3.27 per cent, respectively, on Friday.
All sectoral indices in the red
All sectoral indices ended the day deep in red amid market-wide rout. Nifty Metal was the worst performer, tanking 7.34 per cent to 2,233. Nifty IT crashed 5.27 per cent, Nifty PSU Bank 4.97 per cent Nifty Media 4.98 per cent.
Who moved my Sensex?
As many as five counters bled over 100 points, led by Reliance Industries that shed 172 points. Others were Infosys (164 points), HDFC (158 points), ICICI Bank (115 points) and TCS (103 points).
Volatility gauge soars
India VIX, barometer of fear in the market, jumped 28.75 per cent to close at 22.8725, hinting at volatile times in the days to come.
Investors lose Rs 5.2 lakh crore
The market crash eroded Rs 5.20 lakh crore of investor wealth in a single day. With the crash, the combined market cap of the BSE-listed firms slipped to Rs 146.87 lakh crore.
437 stocks hit 52-week lows
As many as 437 stocks hit their year-lows during the day. They included marquee names like ACC, BHEL, Hero Moto, IndusInd Bank, L&T, ONGC, PNB, ITC, HPCL, Lupin, Tata Power, Wipro and Vedanta, among others.
95 stocks send out ‘sell’ signals
Nearly 100 stocks on BSE flashed ‘sell’ on Friday as they crossed below the signal line on MACD indicator. They include SBI, Indiabulls Housing Finance, GMR Infra, Reliance Infra, Manappuram Finance, Birlasoft, Shriram Transport, Firstsource Solution, NIIT, Trent and Mindtree, among others.
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1 Comment on this Story
Biju Pols322 days ago
Indian markets were ruling at high valuations irrespective of weak economy. A correction was overdue.