Mumbai: It was a terrible day for markets with frontline indices ending with huge losses. It closed near the day's low with heavy selling pressure in banking and IT stocks.
Selling was also seen in real estate, oil, power and metal stocks. Cues from Asian markets were not very encouraging with most of the Asia trading lower. Indian markets underperformed its Asian peers on account of concerns over high inflation of 6.67%.
Sensex was down 800 odd points and Nifty was trading with a loss of 200 points breaching the 4,750 mark.
Among the top index losers were HDFC down 10%, HDFC Bank and ICICI Bank down 7.5%; DLF, ONGC down 7%
Among the top non index losers were Indiabulls Finance down 12% Rel Capital down 10%; HDIL and Guj NRE Coke down 7.5%.
IT index and bankex were down 6% each; metal, oil and realty indices are down over 4%.
Bank stocks were down as any interest rate cuts in the near future are ruled out to contain inflation. HDFC Bank down 7%, CBoP down 7.5%, South Indian Bank and Yes Bank are down 6%, Axis and Kotak Mahindra Bank are down 6.5%.
IT index was down over 5%; as rupee trades below the 40 mark against the USD.
Sensex closed down 726.85 points or 4.44% at 15644.44, and the Nifty down 207.50 points or 4.20% at 4734.50.
About 1540 shares have advanced, 1463 shares declined, and 62 shares are unchanged.
The BSE Midcap Index ended at 6,397.21 down 2%.
The BSE Smallcap Index ended at 7,821.04 down 1%.
The BSE Bankex ended at 7,683.34 down 6%. HDFC, HDFC Bank, ICICI Bank, Bank of India, Andhra Bank, Kotak Mahindra, Oriental Bank, Allahabad Bank moved downwards.
The BSE Capital Goods Index closed down 4% at 13,903.45. L&T, BHEL, Suzlon, Astra Microwave, BEML, Crompton Greave, Thermax, Greaves Cotton, Areva T&D closed lower.
The BSE Auto Index closed at 4,494.27 down 2%. Maruti, Bajaj Auto, Escorts, TVS Motor, Amtek Auto, Cummins, Punj Tractors, MRF closed lower.
The BSE Metal Index closed at 13,945.20 down 5%. Hind Zinc, Sterlite, NALCO, Shree Precoated, Mah Seamless, Jindal Steel, Jindal Saw, JindalStainless closed lower.
The BSE FMCG Index closed down 2% at 2,274.65. Colgate, Bata India, Godrej Consumer, HUL, GlaxoSmith Con closed lower.
BSE Oil and Gas Index closed at 9,977.37 down 5%. GAIL, Reliance Natura, HPCL, RPL,ONGC, Reliance, ONGC ended in red
BSE power index closed at 3,175.21 down 4%. Torrent Power, NTPC, Reliance Energy, Tata Power, Power Grid Corp, Crompton Greave ended in red.
The BSE IT Index was down 6% at 3,534.23. TCS, Infosys, I-Flex Solution, Patni Computer, Financial Tech, Mphasis, Tech Mahindra closed lower.
The NSE cash turnover was at Rs 14472.55 crore and the NSE F&O turnover was at Rs 47200.87 crore. The BSE cash turnover was Rs 5923.76 crore. Total market wide turnover was at Rs 67597.18 crore.
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