Indian stock markets slipped in trade on Wednesday as heavyweight bankers HDFC Bank and ICICI Bank cracked in the late afternoon deals steering the benchmark Sensex to close 115 points lower with volatility being higher through the day. Shares of Bharti Airtel, TCS and M&M emerged as the major gainers among the components of BSE Sensex on Wednesday. While, on the other hand, shares of blue-chip stocks HDFC Bank, ICICI Bank, L&T, Maruti Suzuki, ITC, IndusInd Bank, Axis Bank and State Bank of India (SBI) contributed the most in the Sensex decline on Wednesday.
A heightened volatility was seen in the Indian equities ahead of the April derivatives expiry on Wednesday. India Vix, the volatility indicator on NSE, inched up 5.14% to close at 12.5075 on Wednesday. The benchmark Sensex traded in red in the intraday deals went up a little at around 13:30 pm to hit a day’s high of 34,631.27. BSE Sensex index dropped to a day’s bottom of 34,400.56 before closing at 34,501.27, down by 115.37 points or 0.33% while NSE Nifty shuttled between a low of 10,536.45 and a high of 10,612.6 before closing down 43.8 points or 0.41% at 10,570.55 on Wednesday.
All the sectoral indices of NSE ended the day in red barring Nifty IT and Nifty Realty indices. Nifty PSU Bank index suffered the most amid the sectoral indices as shares of heavyweight constituent Bank of Baroda, Bank of India and Canara Bank dropped up to 4% while shares of State Bank of India and PNB shed more than 1%.
Shares of Delhi-based jewellery maker PC Jeweller Ltd tanked nearly 18% in the late afternoon trade on Wednesday following the unusual volumes. PC Jeweller shares were among the top 10 most traded stocks on National Stock Exchange and were the biggest losers among the ‘A’ group shares of Bombay Stock Exchange on Wednesday. PC Jeweller share price tumbled as much as 17.71% to a day’s bottom of Rs 238.1 before settling down 16.02% at Rs 244.4 on NSE.