Sensex Falls Over 1,100 Points, Nifty Near 8,600 Amid Volatile Trade

Market breadth was negative with an advance-decline ratio of 1:2

At 12:27 pm, the Sensex traded 959.22 points - or 3.14 per cent - lower at 29,619.87 while the Nifty was down 273.45 points - or 3.05 per cent - at 8,693.60.
Forty three in the Nifty basket of 50 stocks moved lower at the time. The biggest loser was IndusInd Bank, down 32.99 per cent, as the stock suffered its biggest intraday fall. Bharti Infratel, Axis Bank, Bajaj Finance, Kotak Mahindra Bank, Bharat Petroleum and SBI, trading between 6.07 per cent and 15.61 per cent lower, were other Nifty laggards.
On the other hand, Zee Entertainment, Yes Bank, Wipro, Infosys and Vedanta - trading between 0.93 per cent and 9.28 per cent lower - were top Nifty gainers.
Yes Bank shares were up 4.69 per cent, losing steam after having risen 49.96 per cent in early deals, extending gains after rating agency Moody's upgraded the private sector lender's outlook. The bank is set to start full banking operations at 6 pm.
Kotak Mahindra Bank, ICICI Bank, HDFC Bank and Axis Bank were the top drags on Sensex, together accounting for a fall of more than 350 points in the benchmark index.
Market breadth was extremely negative, with an advance-decline ratio of almost 1:6. On the NSE, 271 stocks traded higher while 1,518 moved in the opposite direction.
Equity markets elsewhere in Asia opened in the green. In Japan, shares remained in positive territory with the Nikkei 225 index gaining 1.47 per cent and the Topix index adding 2.17 per cent.
Overnight in the US, stock market benchmark indices ended higher in a rebound after one of the ugliest days on record for the market in the prior session as the administration outlined some measures to combat the coronavirus fallout that were deemed positive by investors.
The Trump administration proposed a $850 billion stimulus package to support the economy, battered by the coronavirus, and also considered sending Americans $1,000 checks within two weeks.
On Tuesday, the Sensex had ended 810.98 points - or 2.58 per cent - lower at 30,579.09 and the Nifty settled at 8,967.05, down 230.35 points - or 2.50 per cent - from the previous close, as the benchmark indices extended losses to lose 10 per cent each in two trading sessions.