Nifty down 1,300 points from peak. Adani stocks, HDFC Bank among top losers

With Nifty having lost more than 1,300 points from its lifetime peak and Sensex weaker by 4,800 points amid FII sell-off, the downside has been led by Adani Enterprises, Adani Ports, IT stocks, HDFC Bank and RIL.

Since September 15, when Nifty hit lifetime intra-day peak of 20,222.45 and Sensex 67,927.23, Tech Mahindra and Wipro have been the biggest losers among bluechips with a 14% loss during the period. Peer Infosys is down around 10% since then.

Adani Enterprises has lost over 13%, Adani Ports 9% and RIL 9%. HDFC Bank, which recently completed a reverse merger with parent entity HDFC, is down 12%.

Other top bluechip losers include Tata Steel, JSW Steel and ICICI Bank - down around 9-10% each.

In the meantime, PSU stock Coal India, Nestle, Bajaj Finserv and Bajaj Auto have also shown strength.

"Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Nifty's plunged to a four-month low today comes on the back of a spike in US Treasury yields to nearly 5% on a higher-for-longer interest rate outlook.

The benchmark 10-year Treasury yield, a bedrock for pricing risk-taking across financial markets, jumped 11 basis points (bps) overnight and traded at 4.96% on Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5%. Japan's Nikkei sank 2%, as chip-related shares led a broad selloff. Alphabet shares slid another 2% after hours and pulled Nasdaq futures down by 1.1%.

(You can now subscribe to our ETMarkets WhatsApp channel)