The 30-share BSE Sensex slipped below the 14,000 mark and touched an intraday low of 13,976.49, before closing the day 241.37 points or 1.69 pc lower at 14,060.66. The 50-share NSE Nifty dropped below 4300 level and touched a low of 4244.70; it ended at 4270.30, down 1.11 pc or 48.15 points.
Bharti Airtel, BHEL, ICICI Bank, HDFC, DLF and Reliance Capital, Reliance Industries, Reliance Petroleum, ITC, Reliance Communication, HDFC Bank and Infosys were the major contributors for Wednesday, May 20 sell off.
Markets in red; Heavyweights plunge
Huge loss suffered by the heavyweights like Reliance Industries, Bharti, BHEL, ICICI Bank, HDFC, DLF, Infosys, HDFC Bank, Reliance Communication and Sun Pharma led the markets southward.
The Sensex was trading at 13,999, down 302 points and the Nifty declined 66 points, to 4,251, at 14:57 hours IST. However, the BSE Midcap Index was up 5 pc and the Smallcap Index gained 8 pc.
Markets are witnessing huge selling pressure. However the market breadth was strong. About 2395 shares advanced while 394 shares declined. Nearly 333 shares were unchanged.
Mkts still volatile, buying in metal, power, auto
At 11:24 AM Sensex was trading at 14,367, up 65 points and the Nifty rose 33 points, to 4,35. Even though the benchmark indices gained strength they were still volatile.
Buying was seen in shares of metal, power, auto, technology, oil marketing and select capital goods companies while Bharti, BHEL, Reliance Communication, ICICI Bank, DLF, HDFC Bank, Sun Pharma, Idea and Reliance Industries witnessed selling.
Outperforming benchmark indices the BSE Midcap Index rose nearly 5 per cent and the Smallcap Index was up 6 per cent.
The gainers among the midcap stocks were Simplex Infra, Omaxe, Tulip Telecom, Hind Construction Company and JM Financial with a rise of 16 to 20 percent. In the smallcap arena, Everonn Systems, Transformers, UB Holdings, Dredging Corporation and Ruchi Soya gained 20 to 21 per cent.
The most active shares on the markets were Unitech, DLF, Lupin, HDIL, Tata Steel, Reliance Industries, ICICI Bank and Bharti Airtel. The market breadth is growing stronger. About 2193 shares advanced while 494 shares declined. Nearly 434 shares were unchanged.
Mkts open sharply low, HCL, TCS, Tata steel gain
The markets opened sharply lower and at 9:56 AM, the Sensex was trading at 14,232, down 69 points and the Nifty fell 16 points, to 4,302. However, CNX Midcap went up 1.7 per cent, to 4,827.
ICICI Bank, Unitech, Suzlon Energy, Siemens, Reliance Capital, Bharti, DLF, ONGC, Sterlite, Reliance Communication, BHEL and HUL saw selling pressure among the frontliners. While TCS, HCL Tech, Reliance Industries, L&T, Ranbaxy Labs, Hindalco, Ambuja Cements, Tata Steel, ABB, Tata Communications and Tata Motors gained.
In the midcap arena, IFCI, JP Associates, Indiabulls Real, Indiabulls Securities, Kingfisher, Praj Industries, Mercator Lines and Alok Industries gained over 5 per cent.
In its opening session, the Sensex fell over 200 points, and Nifty declined over 50 points. Markets are currently volatile