Equity markets witnessed significant volatility in mid-day trading on Thursday, with the Sensex and Nifty experiencing notable declines driven by sharp sell-offs in specific stocks, particularly in the Adani group.
The Sensex, which opened at 77,711.11, was trading at 77,133.74 by 12.33 PM, down 444.64 points or 0.57 per cent. Similarly, the Nifty slipped to 23,345.60, registering a decline of 172.90 points or 0.74 per cent from its opening levels.
Market breadth remained weak, with declining stocks significantly outnumbering advancing ones in BSE. Out of 3,975 stocks traded, 2,696 declined, while only 1,147 advanced. A total of 132 stocks remained unchanged.
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The market’s performance revealed stark disparities across different stock categories. The Nifty Next 50 index experienced a substantial drop of 856.65 points or 1.26 per cent, while the Nifty Midcap Select index managed a marginal gain of 38.60 points or 0.32 per cent.
Sector-specific indices also showed mixed trends. The Nifty Bank index declined 244.30 points or 0.48 per cent, and the Nifty Financial Services index fell 106.40 points or 0.45 per cent.
Adani group stocks emerged as significant market laggards. Adani Enterprises plummeted 19.37 per cent, while Adani Ports witnessed a steep decline of 15.64 per cent. Other notable losers included State Bank of India (SBI) at -2.86 per cent, SBI Life at -2.57 per cent, and Britannia at -2.35 per cent.
Conversely, some stocks demonstrated resilience. Power Grid led the gainers, rising 1.95 per cent, followed by Grasim at 1.52 per cent, Hindalco at 1.47 per cent, Tata Steel at 1.04 per cent, and Axis Bank at 0.93 per cent.
The market also showed bearish trends in stock performance, with 141 stocks hitting 52-week highs and 160 touching 52-week lows. Notably, 234 stocks were in the upper circuit, while 356 were in the lower circuit.