Market Update: Midcaps crack; SBI falls over 2%, RComm hits 1-yr low, Indiabulls Housing top loser

Indian markets in the afternoon trade on Wednesday witnessed a sudden sharp fall with Nifty50 plunging below 10,000 while the Sensex was trading at 31,888, down 40 points. The sudden fall in the market was led by Bank Nifty which was down close to 1 percent. State Bank of India, Punjab National Bank, Yes Bank, Bank of Baroda, Bank of India and Canara Bank were all down over 2 percent each.

In the Nifty50 Index, the top losers were Indiabulls Housing Finance which fell over 2 percent followed by Bajaj Finance and State Bank of India. Lupin and Dr Reddy’s Labs were the top pharma losers in the Nifty. The most traded stock was South Indian Bank which jumped 5.16 percent.

Within the BSE Index, Religare Enterprises was the top loser followed by JM Financial, Syndicate Bank and Bombay Dyeing.

The stocks that hit new 52-week low on the Nifty were Amara Raja Batteries, Wockhardt and Reliance Communications while on the BSE, Bank of Maharashtra, Ravalgaon Sugar and Zenotech Lab were the stocks that hit 1-year low.
In the Nifty50 Index, the advance-decline ratio was in favour of the declines with 13 in advances as against 37 declines. On the other hand in the BSE Index, 845 advanced and 1846 declined.