Both the benchmark indices, Sensex and Nifty resumed the day on weak note and further dived into deep red on sustained profit booking. Though, the market recovered slightly in the afternoon to positive zone, it failed to face the strong selling pressure continued till late trade, brokers said.
The market slumped for a fifth trading session in a row today, on a broad-based decline. Reliance Industries (RIL), ICICI Bank and DLF, plunged. All the sectoral indices on BSE were in the red. BSE Bankex, oil and gas and reality indices were the worst hit in today's fall, brokers opined.
The sensex witnessed a fall of 870.40 points to hit a day's low below 19K at 18,930.42 from its previous close of 19,700.82, while Nifty came down 236.20 points to touch a day's low of 5,677.00 in the late afternoon trade.
Brokers opined that reports of world's largest bank, Citigroup Inc, reporting fresh losses due to US subprime mortgage crisis also weakened investor sentiments. Weak cues from global markets remained another dampening factor for the bourses, triggering selling even in fundamentally strong stocks.
Profit booking was witnessed over a wide front, taking its toll on the Reliance pack of shares, including Reliance Industries, Reliance Energy, Reliance Natural Resources Ltd, Reliance Capital, brokers said.
The BSE Mid-Cap index came down 4.78 per cent to close at 8,893.71 and small-Cap index declined 4.55 per cent to 12,160.45.
Meanwhile, BSE clocked a turnover of Rs 8763 crore as compared to Rs 8,471.87 crore in the previous session. Asian and European markets were weak today and the US market closed in red yesterday.
Frontliners, Reliance Industries fell 6.57pc to Rs 2799.50, ICICI Bank fell 5.78pc to Rs 1245.45. All the sectoral indices on BSE were in red. Bankex lost 5pc to 11,372.41. It underperformed the Sensex. The ICICI Bank stock shed 13.50pc this week after an earlier sharp surge on its plan to list four of its subsidiaries starting with its securities arm.
Kotak Mahindra Bank slumped 10.46pc, Canara Bank dropped 9.61pc, Bank of India shed 9.21pc, Bank of Baroda skid 6.49pc, Axis Bank fell 4.04pc and State Bank of India declined 2.08pc.
Oil&Gas index fell 5.88pc to 12,594.91. It underperformed the Sensex. ONGC fell 3.33pc, Essar Oil slumped 8.09pc, Indian Oil Corporation slipped 7.58pc, HPCL gave away 5.74pc, Reliance Natural Resources declined 5.23pc.
Realty index slipped 5.81pc to Rs 12,021.74. It underperformed the Sensex. DLF fell 7.37pc, Ansal Properties&Infrastructure slumped 12.69pc to Rs 311.75, Penland shed 11.49pc, Housing Development&Infrastructure fell 10.57pc, Omaxe shed 6.33pc and Unitech fell 3.13pc.