Both the Sensex and Nifty were down by around 1500 points and 400 points respectively in the last four sessions. Today's session began on a firm note but failed to hold onto gains and slipped in the red in the second half of the trading session, on bouts of alternate buying and selling in select pivotals. The market breadth was weak with Real estate stocks crashing.
Ranbaxy Labs was the star of the day, galloping over 15 per cent on high volumes.
Crude oil prices declined sharply on Tuesday. On the New York Mercantile Exchange, August crude settled down USD 6.44, or 4.44 per cent at USD 138.74 a barrel yesterday.
Global cues were mixed. European markets slipped after a firm start. Asian markets were, however, mixed. Back home, Banking stocks were hammered for the fourth consecutive day on worries over possibility of further rate hikes by RBI.
The Sensex touched a fresh 15-month low of 12,514.02 in mid-afternoon trade. At the day's low, the Sensex lost 162.17 points.
The Sensex opened with 133.74 point upward gap at 12,809.93 and advanced further to touch a high of 12,935.25 in mid-morning trade.
The broader based S &P CNX Nifty of NSE was down 44.40 points or 1.15 per cent at 3,816.70 at the end of the session. Nifty hit a 15-month low of 3,790.20 in intra-day trade.
1788 shares declined as compared to 827 that advanced. 75 remained unchanged. The total turnover on BSE amounted to Rs 4557 crore as compared to Rs 3398 crore during the session.
The sectoral indices suffered a major setback as BSE metal index declined sharply by 289.72 points to close low at 11,935.92 points, followed by Realty index by 284.33 to 4219.12 points, Bankex index by 107.76 to 5400.24 points, Smal-cap by 106.45 to 6324.45 points, Oils and Gas index by 89.31 to 8588.39 points, Auto index by 82.79 to 3394.49 points, Mid-cap index fell by 75.23 to 5088.28 points, PSU index by 69.26 to 5752.70 points and IT index by 22.59 to 3566.98 points.
Among the top losers in heavyweight scrips were HDFC, down by Rs 79.80 to finish low at Rs 1729.50, followed by SBI by 39.05 to 1138.75, Reliance by 31 to 1945.35, Mahindra &Mahindra by 28.30 to Rs 493.65, TCS by Rs 22.35 to Rs 727.35, Tata Steel by Rs 21.30 to Rs 625.70, HDFC Bank by Rs 12.80 to Rs 903.60, ACC by 11.90 to 514.40, L&T by 9.10 to 2270.45, Jaiprakash Asso by Rs 8.85 to Rs 136.50 and ICICI Bank by 9.70 to 519.60.
Real estate stocks cracked on renewed selling pressure. India"s largest real estate developer DLF lost Rs 15 to Rs 395 on 22.13 lakh shares. It was the top loser from the Sensex pack.
Other IT pivotals were mixed. Satyam Computer Services was down Rs 4.50 to Rs 396.25 and Wipro came down Rs three to Rs 373.55.
Unitech was down Rs 8.50 to Rs 137.15 followed by Sobha Developers by Rs 5 to Rs 229.55, Omaxe by Rs six pc to Rs 115.55, Ansal Infrastructures by Rs 4 to Rs 82.35 and Anant Raj Industries by Rs 2 to Rs 119 were the other losers from the realty pack.
However, a few leading scrips looked up modestly on scattered bull support as India"s largest pharma company in terms of sales Ranbaxy Laboratories was the star of the day"s trading session. The stock galloped 15.10 per cent or Rs 61.45 to close firm at Rs 470.70 on high volumes of 69.90 lakh shares after the company's chief executive Malvinder Singh said the deal with Japan's Daiichi Sankyo remains on track. He said that the firm would provide all information required for a probe by the US authorities within the next month. It was the top gainer from Sensex pack.
Bharati Airtel advanced 2.68 per cent or Rs 20.40 to Rs 730. ONGC also rose by Rs 21.30 to 866.30, BHEL gained by Rs 9.10 to Rs 138.15, Infosys hiked by Rs 3.55 to Rs 1547.65 and ITC by Rs two at Rs 162.30.