The Sensex opened the session with a negative gap of over 250 points at 15,873.28 and extended the losses by shedding 898.99 points on extremely low buying interest and panic selling pressure. Meanwhile, the broader-based Nifty index at the National Stock Exchange dropped over 291.85 points at 4,580.15, breached the low mark hit in January before closing at the lowest level since September 18' 2007 at 4,623.60, 248 points down from its previous close of 4,872.00.
Market experienced a heavy correction and a fresh setback was witnessed on the bourses as Asian stock markets sharply fell amid global meltdown on doubts about the effectiveness of the Federal Reserve's efforts to aid the strained credit markets and backhome slow down in growth in manufacturing sector and decline in index of industrial production, brokers said.
The market breadth turned negative once again today. The entire sectoral indices on BSE traded in red throughout the day. Badly hit Realty, Metal, Consumer Durables and Power pivotals tumbled 11.59 pc, 8.38 pc and 6.28 pc respectively on strong selling pressure, creating a downward pressure on the bourses, brokers opined.
The BSE Mid-Cap index was down 5.53 to 6,527.67 while Small-Cap index slipped 5.35 to 8,075.18 and underperformed the Sensex. The total turnover amounted to Rs 5118 crore.
Turnover on NSE futures&options segment was Rs 44869.49 crore, slightly higher as compared to Rs 44632.78 crore yesterday. Frontline scrips like Reliance Energy tumbled 10.95 pc to Rs 1183, Reliance Capital by 12.16 pc to Rs 1,266.35, Reliance Communications by 7.82 pc to Rs 497.50 and Reliance Industries slumped 5.23 pc to Rs 2252 on 12.49 lakh shares. The stock moved in a range of Rs 2201 and Rs 2355 during the day.
However, few stocks like Hero Honda Motors gained 1.3 pc, while Jet Airways, Exide Industries and CESC ended the day with marginal gains.
Real estate shares were hammered badly. DLF declined by 14.87 pc to Rs 596.55. It was the top loser from the Sensex pack. As per reports, the firm may delay a planned initial public offering to raise USD 1.5 billion from a real estate investment trust in Singapore.
It was followed by Indiabulls Real Estate, down 10.23 pc to Rs 510, Unitech slipped 9.62 pc to Rs 266.20 and Parsvnath Developers was down 8.45pc to Rs 207.
IT pivotals slumped on worries of Rupee appreciation and US recession, TCS ended down by 7.25pc, Satyam Computers by 5.10pc, Wipro by 6.75pc to Rs 363.55 and Infosys was down 4.63 pc.
Banking shares slipped on selling pressure. ICICI Bank declined by 5.67pc to Rs 830. State Bank of India was down 6.80pc to Rs 1685 and HDFC Bank by 4.37pc to Rs 1308.