After Early Resilience To Moody’s Jolt, Market Selloff Erases Rs 1.5-Lakh-Crore Investor Wealth
The Bombay Stock Exchange (BSE) logo is displayed on a biometric security and authentication device at the bourse’s building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

After Early Resilience To Moody’s Jolt, Market Selloff Erases Rs 1.5-Lakh-Crore Investor Wealth

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Closing Bell: Sensex Halts Record Run; Nifty Falls The Most In Over A Month

Indian equity benchmarks ended lower, wiping off more than Rs 1.5 lakh crore of investor wealth.

That comes after S&P BSE Sensex fell 0.8 percent to end at 40,323.61 and the NSE Nifty 50 fell 0.86 percent to 11,908.15. The 31-stock index halted its record closing spree and the 50-share gauge clocked its steepest decline in more than a month. The broader markets represented by the NSE Nifty 500 Index fell 0.83 percent.

The benchmark indices had opened lower today after Moody’s cuts India’s credit ratings outlook was cut to negative from stable, citing the government's struggle to lift economic growth and narrow the budget deficit.

“The decision reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than Moody’s had previously estimated, leading to a gradual rise in the debt burden from already high levels,” Moody's Investors Service said.

The market breadth was tilted in favour of sellers. About 1,085 stocks declined and 689 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Pharma Index’s 2.2 percent gain. On the flipside, the NSE Nifty Realty Index was the top sectoral gainer, up 1.66 percent.

After Early Resilience To Moody’s Jolt, Market Selloff Erases Rs 1.5-Lakh-Crore Investor Wealth

Stocks Moving On Heavy Volumes

Solar Industries

  • Stock fell as much as 2.8 percent to Rs 1,030.
  • Trading volume was more than 16 times its 20-day average.

Bharat Rasayan

  • Stock rose as much as 13.5 percent to Rs 6,775.
  • Trading volume was more than 13 times its 20-day average.

Galaxy Surfactants

  • Stock rose as much as 11.3 percent to Rs 1,648.
  • Trading volume was almost 12 times its 20-day average.

Allahabad Bank

  • Stock fell as much as 11.1 percent to Rs 24.
  • Trading volume was almost six times its 20-day average.

Market Check: Sensex, Nifty Loss Deepens

Indian equity benchmarks extended declines to trade at day’s low.

The S&P BSE Sensex fell 0.68 percent to 40,381 as of 3 p.m. and the NSE Nifty 50 fell 0.72 percent to 11,925. The broader markets represented by the NSE Nifty 500 Index fell 0.7 percent.

Fab Four Stocks Of The Day

Raymond

  • Stock rose as much as 20 percent to Rs 808.
  • The company spun off its branded lifestyle business into a separate entity as part of a restructuring plan. Raymond’s lifestyle business, which comprises branded textiles, branded apparel and garments, would be separately listed on the bourses after the demerger, the textile maker said in an exchange filing.

Indraprastha Gas

  • Stock rose as much as 8.6 percent to Rs 427.
  • Revenue rose 19.4 percent to Rs 1692 crore.
  • Net profit rose 2 times to Rs 381 crore.
  • Ebitda rose 27.5 percent to Rs 393 crore.
  • Margin stood at 23.2 percent versus 21.7 percent.
  • Deferred tax gain of Rs 69.5 crore in current quarter.

RBL Bank

  • Stock rose as much as 7.9 percent to Rs 332.75.
  • Fresh longs seen with high OI 23 percent
  • Trading volume was double its 20-day average.

HDFC AMC

  • Stock rose as much as 7.7 percent to Rs 3,248.
  • The stock was included in MSCI Global Standard Index.
  • changes will be effective from the close of Nov. 26.

Large Trade Alert: Cipla

About 20 lakh shares of Cipla changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Sterlite Technologies Surges The Most in Nearly Two Months

Shares of Sterlite Technologies rose as much as 10.3 percent, the most since Sept. 20, to Rs 142.50.

The government may impose a provisional safeguard duty of 25 percent on imports of single-mode optical fibre, used for signal transmission, PTI reported citing based on a Commerce Ministry investigation that found a sudden and significant surge in the imports of the fibre.

Trading volume was more than two times its 20-day average, Bloomberg data showed.

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