While stocks across the board tumbled, the smallcaps took the biggest blow. Shares of Reliance Industries, Axis Bank, TCS, HDFC Bank, HDFC and ICICI Bank were battered severely.
Benchmark equity indices entered the bear market, with Nifty falling 868 points to 9,590 and its BSE counterpart Sensex bleeding 2,919 points to 32,778 — the biggest ever intra-day plunge in history!
“Recession fears increased after WHO declared coronavirus a pandemic, which forced investors to sell off risky assets. Fresh travel bans across nations contributed to the fears that the economic impact will be much larger than earlier estimated,” said Vinod Nair, Head of Research at Geojit Financial Services.
Here is a lowdown of the movers and shakers of Thursday’s session on Dalal Street:
Sensex, Nifty in bear market
The benchmark equity indices entered the bear market in Thursday’s crash. BSE barometer Sensex fell 22.93 per cent from its record high hit in January, while NSE’s Nifty plunged 22.84 per cent from a high of 12,430.
Two sectoral indices fall over 10%
Two sectoral indices dropped in double digits on NSE. Nifty PSU Bank index fell 13.16 per cent while Nifty Media tanked 10.32 per cent. Nifty Metal index fell 9.38 per cent to hit a three-year low and Nifty Auto index 8.15 per cent to close at a six-year low.
India VIX, the barometer of volatility, jumped 30.44 per cent to 41.16 level, which is its highest level in 11 years. This signified heightened fear in the market.
Rs 11.27 lakh crore wiped out
More than 11 lakh crore of investor wealth was wiped out in one session. The market capitalisation of BSE-listed stocks came down to Rs 125.86 lakh crore, wiping off gains of last 32 months.
29 Nifty stocks hit 52-week lows
About 60 per cent of Nifty constituents hit their 52-week lows during the session. They included Tata Steel, Hero Moto, Wipro, M&M, Coal India, L&T, Reliance Industries, Bajaj Auto, PowerGrid, HDFC twins, Vedanta, Axis Bank and Adani Ports, among others.
428 stocks ‘oversold’
Over 400 stocks crossed in the ‘oversold’ zone as they crossed below the 30-mark on the Relative Strength Index (RSI). They included Reliance Power, UPL, ICICI Bank, Ashok Leyland, NTPC, BPCL, Bharti Airtel and HPCL, among others.
ONGC hits a 16-year low
Shares of oil explorer crashed to 16-year low of Rs 62.90, falling 12.63 per cent amid the carnage on Dalal Street. The stock has been under pressure due to a plunge in crude oil prices in the international market.
TaMo hits 11-yr low
Tata Motors tanked 11.11 per cent to hit an 11-year low level of Rs 88 amid the market rout. Traders feared a major disruption in business due to the coronavirus outbreak. However, the company clarified that the impact will be ‘limited’.
YES Bank shares tanked 13%
Shares of Yes Bank gave up some gains made in recent sessions, plunging 13.02 per cent to Rs 25.05 ahead of SBI’s decision to buy shares worth Rs 7,250 crore. SBI closed 13.23 per cent down at Rs 212.75.
RIL shareholders poorer by 59,000 cr
Shares of Reliance Industries got battered and tanked 7.95 per cent to close at Rs 1,061. The stock made a new 52-week low of Rs 1,049 in the process. Shareholders of the company lost about Rs 59,000 crore in equity value.
Only sellers on IRCTC counter
Shares of Indian Railway Catering and Tourism Corporation (IRCTC), which was on investors’ radar since listing till about two weeks away, had only ‘sell’ orders on Thursday. The scrip settled 5 per cent down at Rs 1,220.95