The domestic equity market tumbled around 1.5 per cent on Wednesday as fears of lockdown measures in many European countries spooked investors after coronavirus cases surged at a rapid pace. Selling was witnessed across-the-board with financial stocks taking the biggest knock. The gauge for volatility, India VIX, rose nearly 5 per cent to 23.2 levels.
The S&P BSE Sensex tanked 600 points to 39,922 levels while NSE's Nifty ended at 11,730, down 160 points, or 1.34 per cent.
On the NSE, all the sectoral indices ended in the red.
In the broader market, the S&P BSE SmallCap index ended 0.76 per cent lower at 14,976 levels while the S&P BSE MidCap index ended at 14,814, down 0.93 per cent.
Among individual stocks, shares of GE Power India tumbled over 17 per cent on growth concerns.
On the other hand, shares of Castrol India soared 7 per cent to Rs 116 on the BSE after the company reported a good set of results for September quarter with Ebitda increasing 17.9 per cent year on year (YoY) to Rs 288 crore.
Shares of Bharti Airtel rallied up to 10 per cent to Rs 476 on the BSE during the day, after the company reported strong operating performance with beat on average revenue per user (ARPU), subscriber addition and margins for the July-September 2020 quarter (Q2FY21). The stock, however, ended at Rs 451, up over 4 per cent.
Now, let's take a look at the global markets.
Shares around the world tumbled on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries.
German shares slumped 3.2 per cent to their lowest since June, after a report Chancellor Angela Merkel wanted to close restaurants and bars to curb new infections.
In Europe, automakers and banks led the losses, falling 4.2 per cent and 3.9 per cent, respectively.