Sensex tanks 900 points: Rs 3.5L cr investor wealth lost; HDFC Bank, SBI, Reliance, TCS top drags

Indian equity benchmarks fell sharply in late morning trade on Wednesday after recording a rebound in the previous session. The BSE Sensex slumped 900 points to hit a day low of 60,081, while the NSE barometer Nifty touched the sub-17,850 level. At 12:08 pm, the 30-pack Sensex was down 743 points or 1.22 per cent at 60,236. The NSE benchmark was down 224 points or 1.23 per cent at 17,895. Such was the fall in the domestic indices that nearly Rs 3.5 lakh crore of BSE market capitalisation (m-cap) was wiped out. The domestic indices slipped today ahead of the monthly expiry of derivatives and Union Budget presentation, due on February 1. Further, short-seller Hindenburg Research's report on Adani Group companies pulled the indices lower. Hindenburg Research said it holds short positions in Adani-led firms and flagged risks to the financials of key companies.

Here's a look at today's market fall in numbers:

Rs 3.5 lakh crore investor wealth lost

Investor wealth, as suggested by the BSE m-cap, fell Rs 3.46 lakh crore to Rs 276.93 lakh crore compared with a valuation of Rs 280.39 lakh crore recorded yesterday. Frontline stocks such as HDFC Bank, ICICI Bank, SBI, Reliance Industries, HDFC and L&T contributed to the fall.

78 stocks hit 52-week lows on BSE

As many as 78 stocks hit their 52-week lows today. BSE stocks such as Atul, Aurobindo Pharma, Balaji Amines, Biocon, Clean Science and Technology, Galaxy Surfactants, Glaxosmithkline Pharmaceuticals, Vodafone Idea, Indigo Paints and 69 other stocks hit their respective one-year low levels. That said, 92 stocks touched their one-year high levels today.

2,396 stocks in the red

Out of 3,360 stocks, 2,396 stocks were seen declining. Only 827 stocks were advancing while 130 stocks remained unchanged.

Nippon India, Fone4 Communications (India), Margo Finance down up to 10%

Shares of Nippon India, Fone4 Communications (India), Margo Finance, Sovereign Diamonds, Ambuja Cements and Stellar Capital Services fell up to 10 per cent in late morning deals today.

Banks, financials and energy top drag

For Sensex, the major culprits that dragged the index lower were HDFC Bank, State Bank of India (SBI), ICICI Bank, Reliance Industries, HDFC, L&T, Axis Bank, ITC, TCS, IndusInd Bank, Asian Paints and UltraTech Cement. HDFC Bank, SBI, ICICI Bank and Reliance alone contributed negatively to around 314-point decline.

On NSE, all the 15 sub-indices were down.

FII-DII data

Foreign institutional investors sold Rs 760.51 crore worth of equities on a net basis on Tuesday, while domestic investors bought about Rs 1,144.75 crore worth of shares, as per provisional NSE data.

On the global front, Asian markets were seen trading positively today. Japan's Nikkei index rose 0.48 per cent and , South Korea's Kospi index was up 1.38 per cent. Overnight, Wall Street equities ended mostly lower with S&P 500 and Nasdaq Composite logging losses.

Meanwhile, the domestic benchmarks would be closed tomorrow (Thursday) on account of Republic Day. 

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Also read: Adani Ports, Adani Enterprises tank up to 5%; Hindenburg says it holds short-positions in Adani stocks