Mid-market update: SENSEX crashes over 500 points, Bank Nifty logs its sharpest fall in 14 sessions

During the afternoon session on Wednesday, the benchmark indices were trading in the negative territory. The 30-share SENSEX was trading at 74,592 signifying a decline of 577 points or 0.78%, while the NIFTY50 index fell by 159 points or 0.69% to 22,731. Further, BANK NIFTY was down by 528.45 or 1.08% to trade at 48,617.25, registering its sharpest single day fall in the last 14 trading sessions.

India VIX has surpassed its previous trading session high and was seen trading up by over 1% at 24.5. It is trading near its two-year high ahead of the May series F&O expiry and the exit polls.

Sector-wise, most of the sectors were trading in red with a few sectors in the positive territory. Top-performing indices during the mid-day were Nifty Metal (+0.59%), Nifty Pharma (+0.43%), and Nifty Consumer Durables (+0.27%). On the flip side, Nifty Financial Services (-1.36%) and Nifty Private Bank (-1.25%) were the top losers.

Mixed performance was seen by the broader markets on Wednesday. The NIFTY Midcap 100 index was trading with modest losses of 0.27%, while the Smallcap 100 index advanced by 0.04%. The market breadth was weak as 1,458 stocks were seen declining, while 1,010 stocks were seen trading with gains.

On Wall Street, Dow Jones futures were seen trading in red at 38,806 signifying a decline of 139 points or 0.35%.

In the afternoon session on the NIFTY 500 index, some trending stocks were Campus Activewear Ltd, Concord Biotech Ltd and EID Parry (India) Ltd.

Shares of Campus Activewear Ltd zoomed 16.24% on Wednesday to trade at ₹290.95 over its previous closing. Today, the stock’s intraday high and low was ₹296 and ₹251.25, respectively. The stock rallied on the back of the strong financial performance for the quarter ending March 31, 2024, with a 42.76% increase in its consolidated net profit to ₹32.75 crore.

Concord Biotech Ltd jumped by 7.65% and was trading at ₹1,502.60 above its previous closing. Today, the intraday high and low of Concord Biotech was ₹1,514 and ₹1,430.65, respectively. The stock rallied after it was upgraded to 'add' from the domestic brokerage house as it sees further scope for margins to expand.

The stock of EID Parry (India) Ltd climbed 5.79% on Wednesday to trade at ₹671. The intraday high and low of EID Parry were ₹672.30 and ₹634.30, respectively. The stock rallied on the back of the strong financial performance for the quarter ending March 31, 2024, with a 23.11% increase in its consolidated net profit to ₹178.95 crore.