Market Movers: YES Bank sinks 55%, SBI 6%; 2,600 BSE stocks close in the red

NEW DELHI: In a sea of red on Friday, when everything was under bear grip, there were hardly any winners on Dalal Street. Still, names such as Maruti Suzuki and Bajaj Auto stood out, gaining a per cent each.

Nearly 2,600 stocks closed with losses on BSE, some registering their worst performance since debuting on the bourses. YES Bank grabbed headlines with a fall of 56 per cent while other banks followed.

BSE benchmark Sensex tanked 894 points to 37,576 while NSE barometer Nifty tumbled 289 points to 10,979. With this fall, both the indices have entered a correction territory.

"The sell-off in India was triggered by a weak global trend due to the coronavirus outbreak, restricting international travel and trade. Additionally, moratorium enlarged domestic concern over the safety of the financial system and the rupee fell past 74 level due to these issues. Market will be watchful about the final resolution to be offered by RBI & SBI soon," said Vinod Nair, Head of Research at Geojit Financial Services.

Here is a lowdown of the movers and shakers of Friday’s session on Dalal Street:

TaMo sees limited virus impact
Tata Motors said it expects limited volume loss in its domestic business during the January-March period due to disruption of supply chain from China owing to the coronavirus outbreak. Shares of the automaker fell 9.07 per cent to Rs 114.25.

YES Bank massacred
Shares of YES Bank reported the biggest intraday fall in its history, plunging 85 per cent before recovering a bit to close 56 per cent down at Rs 16.20 as RBI took over the bank.

Voda pegs AGR dues at Rs 21,533 crore
Vodafone Idea said its adjusted gross revenue (AGR) liabilities stood at Rs 21,533 crore as per its self assessment, and the calculation of dues has been filed with the telecom department. The government had estimated the same at around Rs 53,000 crore. Shares of the telco tanked 7.8 per cent to Rs 3.31.

Maruti cuts production
The country's largest carmaker Maruti Suzuki cut production by 5.38 per cent in February to 1,40,933 units, according to a regulatory filing by the company. Shares of the firms gained 1.03 per cent to Rs 6,430.30.

TCS, DLF to set up SEZ
The government has approved the proposals of software firm TCS and realty major DLF to set up special economic zones (SEZs) for the IT sector in Haryana and Uttar Pradesh. Shares of TCS dipped 0.70 per cent to Rs 2,110, while the realty major DLF fell 3.95 per cent to Rs 194.50.

Max Financial cracks 14%
Shares of Max Financial Services cracked 13.79 per cent to Rs 521.60 trade on reports that its subsidiary Max Life has Rs 2,000 crore exposure to YES Bank via tier-II bonds. Max Financial Services holds around 72.50 per cent stake in Max Life.

SBI cracks 6%
Shares of State Bank of India plunged about 6.19 per cent to Rs 270.45 amid the buzz that it may acquire controlling stake in YES Bank along with Life Insurance Corporation.

Volatility index soars
India VIX, also known as the fear index, surged 11.70 per cent to 25.96. This indicates traders are expecting a heightened level of volatility in the market going ahead.

All sectors end in the red
All sectoral indices closed deep in the red on NSE. Nifty PSU Bank index was the worst hit, tumbling 5.25 per cent to 1,792. Nifty Metal and Nifty Media were the next worst performers, plunging over 4 per cent each. Nifty Private Bank and Nifty Realty were among other big losers.

Nifty, Sensex in correction territory
Nifty and Sensex have now entered correction territory, falling over 10 per cent from the recent highs. BSE flagship Sensex has fallen 11.11 per cent from their all-time high of 42,273.87 attained on January 20. Similarly, its NSE counterpart Nifty has slumped 11.67 per cent from high of 12,430.50.

607 stocks hit 52-week low
Over 600 scrips made new year-low marks on BSE. They include ACC, Concor, BHEL, IndiGo, ITC, L&T, Federal Bank, Marico, PNB, ONGC, Vedanta, YES Bank and Tata Power, among others.

Investor wealth down by Rs 3.5 lakh crore
Equity investors lost Rs 3.48 lakh crore wealth in Friday’s selloff. The total market cap of the BSE-listed companies stood at 144.31 lakh crore.

143 stocks ‘oversold’
Nearly 150 stocks on BSE entered the ‘oversold’ territory, as they crossed below the 30 mark on the Relative Strength Index (RSI). They include YES Bank, SBI, Reliance Industries, Union Bank of India, IndianOil, Tata Steel, Trident, Allahabad Bank and ONGC, among others.