At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 1013.99 points or 3.32% at 29,565.10. The Nifty 50 index was down 273.45 points or 3.05% at 8,693.60.
Selling was also ignited by the Supreme Court's hearing on the adjusted gross revenue (AGR) dues. SC in AGR ruling on Wednesday said it can't allow self-assessment of dues by telecom companies. It has made it clear that telecom companies will have to pay interest and penalty as per the judgment.
Meanwhile, the total number of confirmed coronavirus cases in India has risen to 147, comprising 122 Indian nationals and 25 foreign nationals, Ministry of Health and Family Welfare website stated.
In the broader market, the S&P BSE Mid-Cap index was down 4.02% while the S&P BSE Small-Cap index was down 4.72%.
The market breadth was weak. On the BSE, 390 shares rose and 1787 shares fell. A total of 121 shares were unchanged. In Nifty 50 index, 7 stocks advanced while 43 stocks declined.
Economy:
S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2% for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7% during the 2020 calendar.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.73% to 64.0175. The Nifty February 2020 futures were trading at 8,584.80, a discount of 91.5 points compared with the spot at 8,676.30.
On the options front, the Nifty option chain for 26 March 2020 expiry showed maximum call open interest (OI) of 22.2 lakh contracts at the 12,000 strike price. Maximum put OI of 21.53 lakh contracts was seen at 8,500 strike price.
Stocks In Spotlight:
KEC International in an exchange filing said that has secured new orders of Rs 1,047 crore across its various businesses. The company secured orders in Transmission & Distribution business, Civil segment, Solar space and Cables business. Commenting on order win, Vimal Kejriwal, MD & CEO, KEC International said, "We are delighted with the new order wins secured across our business verticals amidst the current market scenario. The orders in T&D will enable us to further strengthen our portfolio in the international markets. We are particularly encouraged by the second order in the Defence segment secured by our Civil business." Shares of KEC International were trading 0.46% lower at Rs 259.10.
Wipro announced the successful implementation of core banking solution for Kaveri Grameena Bank as part of the merger with Pragathi Krishna Gramin Bank to form, Canara Bank sponsored Regional Rural Bank (RRB), Karnataka Gramin Bank. Karnataka Gramin Bank is a pioneer in IT initiatives and priority of the Bank is to bring its customers, mainly rural population, to technology enabled Banking. Shares of Wipro were trading 0.03% higher at Rs 173.85.
Mahindra & Mahindra informed that the company has signed an agreement for subscribing to around 5% of the share capital of Eurl LD Azouaou, Algeria (LDA). LDA is engaged in the business of tractor assembly and distribution in Algeria. Shares of M&M were trading 2.46% lower at Rs 365.30.
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