A total of 103,333 shares changed hands on the counter till 01:19PM (IST)

“We need the market to stand on a strong foundation because if it keeps going up, it will be supported by a lot of weak investors and then the more you let it go up, the bigger the crash will be. So, a good 10-15% kind of a correction would be really welcome.”

The stock quoted a 52-week high price of Rs 32050.0 and a 52-week low of Rs 18214.4.

Promoters held 48.76 per cent stake in the company as of 30-Jun-2021, while FII and DII ownership stood at 23.7 per cent and 9.03 per cent, respectively.

On the technical charts, the 200-day moving average of the stock stood at Rs 206.99.

In the dollar bond market, Evergrande accounts for 4% of Chinese real estate high-yields, according to DBS. Any defaults will also trigger sell-offs in the high-yield credit market. A collapse of Evergrande will have a large impact on the job market. It has 200,000 staff and hires 3.8 million people every year for project developments.

As of 30-Jun-2021, promoters held 55.99 per cent stake in the company, while FIIs held 17.35 per cent and domestic institutional investors had 13.19 per cent.

A retreat for the Nifty, trading at about 35% above its historical trend level, would reduce GDP by 1.4% in the same quarter of the shock and by 3.8% over the following year, Ankur Shukla, an economist with Bloomberg Economics, wrote in a separate note.

“The government announcements allow Vodafone Idea to just remain as a player in the industry. They will still be fragile and gradually lose market share to the other two operators.”

In the spot market, highest purity gold was sold at Rs 47,255 per 10 gram while silver was priced at Rs 63,081 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.