Daijiworld Media Network - Mumbai
Mumbai, Mar 11: Indian benchmark indices BSE Sensex and Nifty 50 continued to trade sharply lower during the volatile afternoon session on Wednesday, weighed down by losses in auto and private banking stocks.
The BSE Sensex fell as much as 1,045.15 points to hit an intraday low of 77,160.83. Meanwhile, the Nifty 50 slipped to a session low of 23,971.60.
At around 12:36 pm, the Sensex was trading lower by 965.33 points, or 1.23%, at 77,240.65, while the Nifty declined 271.50 points, or 1.12%, to 23,990.10.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 4,672.64 crore on Tuesday, while domestic institutional investors (DIIs) purchased stocks worth Rs 6,333.26 crore on a net basis.
The volatility gauge India VIX also surged more than 10% during the noon session, reflecting increased market uncertainty.
Shares of Bajaj Finance were among the biggest drags on the Nifty, falling nearly 4%. Other major losers included Bajaj Finserv, Axis Bank, Mahindra & Mahindra and Bajaj Auto.
On the other hand, stocks such as NTPC, Wipro, Jio Financial Services, Coal India and Tech Mahindra were among the top gainers.
Shares of companies in the pipe, pump and EPC segment including Shakti Pumps, KSB Limited, VA Tech Wabag, Astral Limited, NCC Limited and Larsen & Toubro traded higher after the Union Cabinet approved the extension of the Jal Jeevan Mission until December 2028 with an enhanced outlay of Rs 8.7 lakh crore.
The scheme, launched in 2019 by Prime Minister Narendra Modi, aims to provide safe and adequate drinking water through tap connections to rural households across India.
Shares of InterGlobe Aviation, which operates the airline IndiGo, rose over 3% after the company announced that CEO Pieter Elbers stepped down with immediate effect due to personal reasons.
The company said Rahul Bhatia, managing director of IndiGo, will serve as interim CEO until a new leader is appointed.
Shares of Reliance Industries traded in the red after US President Donald Trump announced that the company would invest in a new oil refinery project in Brownsville, Texas, in what he described as a $300 billion deal aimed at strengthening US energy production.
Shares of H.G. Infra Engineering surged more than 19% after the company secured a Rs 401.33 crore contract from Anuppur Thermal Energy (MP) Pvt Ltd for developing railway infrastructure at a thermal power project in Madhya Pradesh.
Shares of Waaree Energies rose nearly 3% after its subsidiary Waaree Solar Americas Inc announced a $30 million investment in United Solar Holdings to expand its global solar footprint.
Shares of Sedemac Mechatronics debuted at Rs 1,535 on the National Stock Exchange of India, a premium of about 13.5% over its issue price of Rs 1,352 per share. On the Bombay Stock Exchange, the stock opened at Rs 1,510, up nearly 11.7%.
Each lot of the IPO consisted of 11 shares, giving investors who received allotment a listing gain of about Rs 16,885 per lot.