NEW DELHI: Sustained capital outflow, triggered by prevailing pessimism in global markets over concerns of weak global economic growth and lingering US-China trade tussle, made the market suffer losses for the third consecutive day on Thursday.
Participants went for across-the-board selling spree, with metals, telecom, banking and financial stocks taking the biggest hit. Subdued US dollar and soft crude oil prices pushed the rupee higher, but it failed to give the market a booster dose.
After opening in the green, Sensex traded in the positive terrain during the first half of the session, but a fresh spell of selloff in most sectors in the second half spoiled the session.
The 30-share index fell 219 points, or 0.62 per cent, to end the day at 34,981, while Nifty50 finished 73 points, or 0.69 per cent, lower at 10,526.
In line with Sensex, BSE Midcap and Smallcap indices, too, shut shop with losses, falling 0.74 per cent and 0.44 per cent, respectively.
Lets walk you through the highlights of Thursday's session:
Rs 2.51 lakh cr gone in 3 days
Approximately, Rs 2.51 lakh crore of equity investor wealth got erased in the market fall over the past three consecutive sessions. The cumulative wealth of the BSE-listed firms plunged to Rs 1,40,45,908 crore from Rs 1,42,97,830 crore.
Only 5 Sensex stocks withstand selling
The Sensex chart was overwhelmed with red dots as out of 31 members (including Tata Motors DVR), only five stocks managed to settle in the green. Among the gainers, Adani Ports (up 1.73 per cent) emerged at the top. Larsen & Toubro (0.49 per cent) , ONGC (0.30 per cent), TCS (0.19 per cent) and HDFC (up 0.09 per cent) logged nominal gains.
Capital Goods index lone sectoral gainer
The capital goods index was the lone sectoral gainer on BSE, settling with a nominal gain of 0.13 per cent. Out of total 25 components in the index, 13 finished in the green and 12 in the red. GE T&D India, CG Power and Industrial Solutions, V-Guard Industries and Sadbhav Engineering were the top gainers in the index pack.
BSE Metal index top sectoral loser
With a 1.84 per cent loss, BSE Metal index settled as the top loser among the sectoral indices. NMDC, SAIL, Hindalco, Tata Steel and JSW Steel emerged top losers, falling up to 2.55 per cent.
Rupee closes 76 paise higher
Rising for the seventh consecutive session, the rupee closed 76 paise higher at 70.6963 against the US dollar on the back of falling crude oil prices, dollars weakness against some overseas currencies and increased selling of the greenback by exporters and banks.
Key stock movements
Shares of IL&FS Transportation Networks closed 1.57 per cent down at Rs 18.85 after the company delayed its September quarter earnings, citing the insolvency proceeding at NCLT. It said the quarterly numbers will be announced at the earliest.
Hit by less-palatable developments, including the resignation of three board members and a feud among the promoters, YES Bank shares have been on the bumpy ride. The scrip settled 1.24 per cent lower at Rs 195.55 on BSE.
Deepak Fertilisers settled 9.56 per cent higher at Rs 180 after the company said normal day-to-day business has resumed fully after a search and seizure operation by income-tax sleuths at its offices.
Kwality closed the day 5 per cent higher at Rs 9.66 as it deferred September quarter earnings, citing the change of auditors caused by resignation of statutory auditors M/s MSKA & Associates Chartered Accountants.
125 stocks hit 52-week lows
BASF India, CARE Ratings, Network18 Media & Investments, NTPC, SAIL, Shankara Building Products and Sharda Cropchem featured among the 125 stocks that hit 52-week lows on BSE. On the other hand, 42 stocks including Adani Gas, Birla Cable, Intellivate Capital Advisors and Gogia Capital Services, touched 52-week highs.
Overbought & oversold stocks
Hotel Leela Ventures, Confidence Finance, Shankara Building, Mauria Udyog and Sybly Industries featured among 53 oversold stocks on BSE, as per momentum oscillator Relative Strength Index, or RSI. As many as 42 stocks, including Urja Global, Shreeshay Engineers, Coastal Corporation, Tata Investment and Santaram Spinner figured among the overbought stocks.
Bearish signal for 136 counters
Jindal steel, REC, ONGC, Tata Power, Tech Mahindra, Indosolar, Karnataka Bank, Engineers India and Divi's Labs were among the 136 stocks on BSE that showed bearish crossovers on momentum indicator moving average convergence divergence, or MACD. Indoco Remedies, Alembic, Century Plyboards, Dynamic Products, Riga Sugar Company and Mahindra Logistics, showed positive crossovers.
Stocks below 200-DMAs
Tata Power, ACC, Ruchi Infra, Bajaj Finserv, Canara Bank, Ultratech Cement, Adani Enterprises and HCL Technologies slipped below their 200-DMAs. Meanwhile, Hikal, Bosch, Manaksia Aluminium Company, Jayant Agro-Organics and Apcotex Industries were among the stocks that traded above their 200-DMAs.
On the options front, maximum Put open interest was at 10,000 followed by 10,500, while maximum Call OI was at 10,700 followed by 11,000 level. There was Call writing at 10,600 followed by 10,700 whereas Put unwinding was seen at all immediate strike prices.
Lower high, lower low for Nifty
The Nifty50 failed to breach the crucial 10,650 level in intraday trade and ended up forming a lower high, lower low pattern on the daily chart for the third consecutive session, which suggests supports have shifted lower. On the weekly chart, the index formed a Bearish Engulfing pattern, which does not bode well for the index. A weak trend in Bank Nifty may supplement the ongoing bearish trend.