A complete turnaround on Dalal Street as the benchmark indices have turned red in this afternoon session with Nifty trading at 11,631, down 81 points while the Sensex is down 216 points and is trading at 38,839.
PSU bank and media stocks are the biggest losers led by PNB, Syndicate Bank, State Bank of India, IDBI Bank, Canara Bank, Bank of India and Syndicate Bank.
From the media space, the top losers are Zee Entertainment, DEN Networks, Dish TV and INOX Leisure.
The negative sentiment was aided by Skymet's monsoon prediction which is expected to be below normal on rising El Nino effect.
“The Pacific Ocean has become strongly warmer than average. The model projections call for 80 percent chance of El Nino during March-May, dropping to 60 percent for June to August,” Jatin Singh, managing director of Skymet, told reporters.
Here's a look at the top stock movers on an intraday basis with respect to volumes:
Sobha was trading with volumes of 2,966,607 shares, compared to its five day average of 14,067 shares, an increase of 20,988.52 percent. The stock witnessed spurt in volume by more than 212.65 times. Bharat Road Network was trading with volumes of 149,885 shares, compared to its five day average of 2,056 shares, an increase of 7,191.55 percent. The stock touched upper circuit of Rs 138.20.
Prestige Estates Projects was trading with volumes of 513,986 shares, compared to its five day average of 22,208 shares, an increase of 2,214.46 percent. The stock saw spurt in volume by more than 9.12 times.
Gujarat Pipavav Port was trading with volumes of 284,671 shares, compared to its five day average of 13,228 shares, an increase of 2,052.07 percent. It saw spurt in volume by more than 18.19 times.
Amara Raja Batteries was trading with volumes of 426,149 shares, compared to its five day average of 52,269 shares, an increase of 715.30 percent. It traded on new 52-week low value of Rs 650 per share and witnessed spurt in volume by more than 10.52 times.
Bharti Airtel was trading with volumes of 1,245,862 shares, compared to its five day average of 305,359 shares, an increase of 308 percent. It witnessed spurt in volume by more than 4.40 times.
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