The market, due to weak global cues, opened on a listless note this morning. As the mood remained highly cautious, the benchmark indices Sensex and Nifty moved in a tight band around their previous closing levels for nearly three hours. However, several midcap and smallcap stocks marched on to higher levels on sustained buying interest.
And then, reeling under a severe bout of selling pressure this afternoon, stocks cutting across sectors plunged sharply into the red. Mirroring the fall, the Sensex crashed by over 650 points to 17,492.28 and finally ended the day at 17,526.93 with a huge loss of 612.56 points or 3.38%. With today's loss, the Sensex has lost over 1,100 points in just two sessions.
The Nifty, which fell to a low of 5113.85 in intra-day trades, settled at 5133.25 with a loss of 3.56% or 189.30 points.
All the sectoral indices ended in the red with sharp losses today. The Consumer durables index, which went down by a per cent, suffered the least damage while the Oil & Gas (down 4.41%) was the worst hit. BSE Metal lost a little over 4%. Rest of the indices drifted down by 2% - 4%.
Mid and smallcap stocks too gave up their gains and a good many of them ended with sharp losses. While BSE Midcap lost 2.38%, the Smallcap index eased by around 2%.
The market breadth, which remained quite strong this morning, turned weak in afternoon trade. Finally, when trade ended for the day, out of a total of 2849 stocks seen in action on BSE, as many as 2002 stocks were down in the red. 803 stocks closed on a positive note and 44 stocks ended at their previous closing levels.
Cement stock ACC (up 1.05%) was the lone gainer from the Sensex pack. From the Nifty, GlaxoSmithKline Pharma (1.15%) made the grade.
Hindalco, Reliance Communications and NTPC lost 5.6%, 5.5% and 5.1% respectively. Reliance Industries went down by nearly 5%. Satyam Computer Services, Bharti Airtel, ICICI Bank, Larsen & Toubro, ITC, Maruti Suzuki, ONGC, Cipla, Wipro, Tata Steel and Reliance Energy lost 3% - 4.5%.
Tata Motors, DLF, Ambuja Cements, Hindustan Unilever, Bajaj Auto, HDFC, Ranbaxy Laboratories, Grasim Industries, Tata Consultancy Services, State Bank of India and Infosys Technologies eased by 1% - 3%. BHEL, HDFC Bank and Mahindra & Mahindra ended with modest losses.
HCL Technologies (down 7.85%) was the biggest loser in the Nifty. Unitech lost 7.05%. VSNL ended with a loss of over 6%. Punjab National Bank lost 5.1%. Cairn India, SAIL, Reliance Petroleum, Idea Cellular, Zee Entertainment, Sterlite Industries, Nalco, GAIL India, Suzlon Energy, Siemens, Dr. Reddy's Laboratories and Hero Honda also ended with sharp losses.
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