In Wednesday’s market, the S&P BSE Sensex fell over 850 points to the day’s low, while the Nifty index went below 17,900.
There were only a handful of gainers in the market like Maruti Suzuki, Tata Steel, HUL, Hindalco and Bajaj Auto while the others like Ultratech Cement, Adani Ports, Adani Enterprises and SBI remained at low.
The Sensex was down 737.05 points or 1.21% at 60241.70, and the Nifty was down 221 points or 1.22% at 17897.30. About 104 shares are unchanged, 783 shares have advanced and 2364 shares declined.
Stocks of Adani group companies fell between 2% and 7% after Hindenburg Research, the short-seller, said it holds short positions in those firms through the U.S.-traded bonds and non-Indian-traded derivative instruments.
The analysts have said that the markets will likely see further consolidation ahead of the Union budget due next week, which could entail a higher allocation for social sector programmes.
Auto stocks shed early gains to trade 0.2% lower, with Maruti Suzuki and Bajaj Auto being the only gainers on the index. Maruti Suzuki was up by 0.8% while Bajaj Auto rose by 0.3%.
Indian markets will be closed on Thursday on occasion of a public holiday.
News pages like The Economic Times, Business Standard, Mint , etc., are providing the live updates regarding the matter.