Concerns over economic slowdown, muted earnings, crisis in the auto industry and global trade issues have been weighing on investor sentiment, experts said.
From the 30-share Sensex pack, 23 scrips declined in Wednesday's session, led by IndusInd Bank, Bajaj Finance, Tata Motors and Tata Steel which fell by up to 3.87 per cent.
Tata Steel was the top loser in the Sensex pack, sinking over 5 per cent, followed by SBI, IndusInd Bank, Bajaj Finance, HDFC Bank and NTPC. NSE Nifty tanked 371 points to 16,614.20.
Investors took the Yes Bank event negatively because it raises a question on the stability of the overall Indian financial system.
From the 30-share basket, 28 scrips suffered losses. Over 200 stocks were at their 52-week low in Tuesday's trade.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
Sebi's move to curb volatility didn't work for the market as rules were applicable for both long and short positions which makes difficult new long positions while short positions caused more price damage due to lack of liquidity.
According to experts, the Nifty has continued to form lower top-lower bottom formations, a trend seen in the last five weeks, and witnessed sharp selling towards 9,700 zones.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
As the Indian equities signed off 2019 on a remarkable note, the m-cap of BSE-listed companies rose by Rs 11,05,363.35 crore to Rs 1,55,53,829.04 crore.
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Since the Budget announcement on July 5, FIIs have been busy unloading their stock.
The global COVID-19 situation, rollout of vaccines, geopolitical trends, Union Budget and economic recovery would be the major factors driving investor sentiments in 2021 after a tumultuous year which saw both 'the worst of times and the best of times' for the stock market, said analysts. What a year 2020 turned out to be! From witnessing gigantic losses to record-shattering gains, investors went on a roller-coaster ride amid the coronavirus pandemic and massive stimulus measures. Markets closed 2020 with remarkable gains of around 16 per cent, but will the winning ways continue in 2021 as well?
The threat of epidemic is looming large in worst-hit Ganjam district as the debris is yet to be cleared even six days after Cyclone Phailin left behind its trail of destruction.
Three stockmarket experts give their best picks for the New Year.
