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Shares of State Bank of India tanked over 7 per cent on Wednesday to register their biggest fall in four years, after Morgan Stanley downgraded the stock.
Meanwhile, profit booking surfaced in other banking names as well, which pulled majority of them into the red.
PowerGrid and some IT names were among the gainers, bucking the overall weak trend.
Nifty IT index was the only sectoral index on NSE that ended in the green.
Nifty Bank ended the day 2 per cent lower.
Dragged by HDFC and SBI, Sensex fell over 500 points to end below 38,600.
Nifty registered its second biggest one-day fall this month, dropping 148 points to end at 11,440.
“Political uncertainty in the US amid an impeachment move on President Donald Trump pulled the indices lower.
Afternoon trade witnessed heightened selling in PSU banks,” said S Ranganathan, Head of Research of LKP Securities
Here is a lowdown on key movers and shakers of Wednesday’s session:SBI shares tank 7%Stock price of State Bank of India (SBI) tanked to a four-year low on Wednesday after Morgan Stanley downgraded the stock to ‘equal weight’.
A market-wide profit booking also weighed on the stock, which tumbled 7.37 per cent or Rs 22.30 on BSE to close at Rs 280.
This was the biggest single-day fall of the script in last four years.
On August 24, 2015, the stock had plummeted over 8 per cent.
YES Bank near 52-week lowYES Bank shares plunged 5 per cent to end close to its 52-week low at Rs 53.25 on NSE.
The stock fell even after a statement from the lender that it was on course to raise funds.
The bank has applied to RBI, requesting approval for increase in the bank's authorised share capital.
Subsequent to this approval, the bank will seek approval from shareholders.
Nifty IT index ends in greenMajor IT names ended the session in the green.
Nifty IT index closed 0.27 per cent higher, bucking the overall trend for the fourth straight session.
TCS was the biggest gainer in the index, closing 2 per cent higher at Rs 2,084, followed by OFSS, HCL Tech and Tech Mahindra.
Power Grid shares surgeShares of Power Grid Corporation surged 4.4 per cent to Rs 198.75 on BSE.
The company is one of the shareholders in PTC India, which is looking to exit its non-core businesses to raise Rs 2,000 crore.
Bank - financials drag SensexBank and financial stocks dragged Sensex over 340 points, led by HDFC and SBI.
HDFC alone contributed over 100 negative points towards Sensex.
SBI contributes a negative 81 points.
Nifty Auto index skids 4%Auto stocks were some of the biggest losers.
All constituents of the Nifty Auto index fell, with Motherson Sumi plunging 7 per cent to Rs 107.25, while Ashok Leyland and Tata Motors shed about 6 per cent each on NSE.
46 stocks sink below MACD signal lineYES Bank, Zee Media, NIIT, Quess Corp, Ipca Lab were among the stocks that crossed below the MACD Signal line on the daily charts, generating ‘sell’ signals on these counters.
The MACD is one of the technical indicators used to spot trends, though it is seldom used as a standalone indicator.
Over 500 stocks dive below 50 DMAsAs many as 526 stocks sank below their 50-day simple moving averages.
They included big names like SBI, YES Bank, Vodafone Idea, Tata Motors, Zee entertainment, NCC, ITC and DLF, among others.
Moving average is one of the technical indicators used to figure out future trend of a stock.
Most active stocksSBI was the most active stock with total transaction value of over Rs 2,000 crore on NSE.
It was followed by Maruti Suzuki (Rs 1,550 crore) and BPCL (Rs 1,533 crore).
YES Bank was the most active stock in terms of volume, with total traded quantity of 15 crore shares.
Vodafone Idea (8.16 crore) and SBI (7.3 crore) were the next two most traded stocks.
Stock Market
After Market: SBI bleeds, YES Bank near 52-week low; 46 stocks blinking sell signals
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