Domestic stocks saw a sharp correction in Wednesday's late morning deals, dragged by banks, financials, automobile and IT stocks. The 30-share BSE Sensex pack dived 530 points or 0.71 per cent to trade at 74,640, while the broader NSE Nifty index moved 168 points or 0.73 per cent down to 22,721 level. Such was the fall in the domestic bourses that around Rs 1.3 lakh crore of BSE market capitalisation (m-cap) was wiped out.
Selling in select heavyweights such as HDFC Bank, ICICI Bank, Axis Bank, Reliance Industries, Larsen & Tourbro (L&T), Infosys, SBI, M&M and TCS pulled the indices lower.
Here's a look at today's market fall in numbers:
Investor wealth drops by Rs 1.5 lakh crore
Investor wealth, as suggested by the BSE m-cap, slipped Rs 1.34 lakh crore to Rs 415.58 lakh crore today compared with a valuation of Rs 416.92 lakh crore recorded during the previous session.
34 stocks hit 52-week low levels on BSE
As many as 34 stocks hit their 52-week low levels today. BSE 500 stocks such as Anupam Rasayan India Ltd and KRBL hit their respective one-year low levels. That said, 111 stocks touched their respective one-year highs today.
Market breadth weak: 1,926 stocks were in the red
The market breadth was weak today. Out of 3,644 stocks, 1,926 stocks were seen declining on BSE. 1,571 stocks were advancing, while 147 stocks remained unchanged.
PNB Housing, Ujjivan SFB & IRCTC slip up to 6%
Stocks such as PNB Housing, Ujjivan Small Finance Bank, IRCTC, ZF Commercial Vehicle Control Systems India Ltd, ICICI Prudential Life, IndiGo and Macrotech Developers slumped up to 6.23 per cent.
Banks & financials stocks among top losers
For Sensex, the major constituents that pulled the index higher were HDFC Bank, ICICI Bank, Axis Bank, RIL, L&T, Infy, SBI, M&M and TCS. HDFC, ICICI, Axis and Reliance alone contributed positively to the around 346-point climb.
On NSE, 13 out of the 16 sub-indices were seen trading in the red. Nifty Bank, Nifty Financial Services, Nifty Auto and Nifty IT underperformed the NSE index by falling 1.18 per cent, 1.38 per cent, 0.65 per cent and 0.66 per cent, respectively. In contrast, Nifty Media and Nifty Consumer Durables rose 0.63 per cent and 0.20 per cent, each.