Continuous worries over a possible European deal has dampened the mood of investors on Dalal Street as well as other global markets. The 30-share BSE Sensex tumbled 320 points at 16,765.83 and the 50-share NSE Nifty dropped 99 points at 5,040. European markets were down more than 1% in the opening trade. Asian markets extended the downtrend, falling between 1% and 3% in late trade.
Back home, about 48 stocks out of Nifty 50 were on sellers' radar. HDFC has maintained its top position in the selling list, falling 4.8%.
Jaiprakash Associates, ICICI Bank, DLF, Tata Power and IDFC were down 3-4%. Reliance Industries, ONGC, Coal India, NTPC, HDFC Bank, Infosys, TCS, ITC, Wipro, BHEL and L&T remained in the red, losing 1-2%.
Anil Dhirubhai Ambani Group's stocks like Reliance Communications, Reliance Infrastructure and Reliance Power fell 2-2.7%. However, Sun Pharma and Maruti Suzuki outperformed other largecaps, gaining 0.8% each.
Apollo Hospital, SBI, Crompton Greaves, Flexituff International, HDFC and Tata Motors were most active shares on exchanges.
About two shares have fallen for every share gaining on the BSE.
At 11:12 hours IST : Sensex drops 300 pts; rupee falls to 49.73 per dollar
Indian equity benchmarks erased most of its gains accumulated yesterday following a further fall in Asian markets. Shanghai and Hang Seng fell 2% each while Kospi and Taiwan lost 1.5% each; Nikkei and Straits Times were down 1%. The 50-share NSE Nifty shed 94 points to 5,045.55 and the 30-share BSE Sensex fell 304 points to 16,781.16.
The Indian rupee depreciated by 58 paise to 49.73 per dollar today.
All sectoral indices were trading lower. The BSE Metal, Oil & Gas and Bank indices plunged 2% each. Power, Auto, Realty, IT, Capital Goods and FMCG were down 1-1.7%.
HDFC was the biggest loser, falling more than 4%. Hero Motocorp and DLF, which were top gainers yesterday, tumbled 3% each.
Profit booking was another concern behind today's sell-off. Reliance Industries, ICICI Bank, NTPC, Wipro, HDFC Bank and Tata Motors plummeted 2-3%.
ONGC, Coal India, TCS, Infosys, ITC and L&T declined 1.3% each. However, Maruti and Sun Pharma bucked the trend, rising marginally.
About two shares slipped for every share rising on National Stock Exchange.
At 10:38 hours IST : Sensex falls 1.5% on broadbased selling
The market extended its fall on the back of profit booking across sectors. The 30-share BSE Sensex dropped 269.39 points or 1.58% to 16,815.95, and the 50-share NSE Nifty was down 80.60 points or 1.57% at 5058.55.
Emil Wolter of RBS said investors should focus on preserving capital. According to him, volatility may remain high given the frequency of policy meddling and high levels of leverage.
Largecaps like Reliance Industries, HDFC, ICICI Bank, Wipro, NTPC and Tata Motors tanked 2-3%.
Among others, ONGC, TCS, ITC, Coal India, Infosys, HDFC Bank, BHEL and L&T were down 1-1.5%. However, only Sun Pharma and Maruti gained 0.3% on Nifty.
The broader indices were marginally lower. The market breadth was in favour of declines; about 765 shares advanced as against 1247 shares declined on BSE.
In the midcap space, Essar Ports shot up 13%. Bajaj Finserv, Peninsula Land, Raymond and Glenmark gained 3-6% while Rallis India, MVL, Polaris, Phoenix Mills and Shree Renuka lost 3-6%.
New listing - M and B Switchgears fell 15% to Rs 157.60 as against issue price of Rs 186 a share.
Source: moneycontrol.com
