Mumbai, Aug 31:The Sensex hell to 255 points on the back of weak global cues while selling intechnology, telecom, metal, private power, FMCG, select banking and infrastructure companies' shares plunged the Nifty below 4700.
Heavy selling pressure was seen in metal, IT, FMCG, capital goods and oil & gas stocks. while Reliance, Infosys, ICICI Bank, L&T and HDFC were the negative contributors.
The Sensex was down by 1.67 per cent the Nifty went down by 1.48 per cent.
Tata Steel lost by 4.25 per cent, ITC by 3.19 per cent, Hindalco went down by 3.16 per cent, TCS slipped by 2.87 per cent and Bharti Airtel went down by 2.76 per cent.
Before closing, Index heavyweight Reliance was trading at Rs 2,016.55, Tech major Infosys was trading at Rs 2,136.00 and Cigarette major ITC was trading at Rs 229.20.
Nifty reels under selling pressure
At 13:18 pm, the Nifty continued to be under selling pressure as Shanghai lost 6.7 per cent but European markets were also trading 0.5 per cent lower resulting market pressures.
Sell-off was noticeable in technology, telecom, banking, metal, auto (four-wheeler) and private power companies' shares.
L&T, BHEL and Reliance Industries were also under pressure. However, buying in selective stocks like ONGC, NTPC, DLF, Cairn, Unitech, HDFC Bank, Siemens, BPCL, ABB, Grasim and Ambuja Cements covered some losses.
Maytas Infra went upto 5 per cent in the upper circuit.
Tata Communication, Idea Cellular, Bharti Airtel, Tata Teleservices and Reliance Communication fell by 1 to 1.9 per cent.Technology stocks like TCS, HCL Tech, Infosys and Wipro dropped at 2 to 2.9 per cent.
Meanwhile, Bharat Forge, Ashok Leyland, Tata Motors, Maruti Suzuki, Apollo Tyres and M&M declined from 0.8 to 2.9%.
Hindalco, Sterlite Industries, Tata Steel, Jindal Steel, SAIL, JSW Steel and Sesa Goa slipped by 2 to 2.9 per cent.
ICICI Bank, Axis Bank, SBI, Yes Bank and Kotak Mahindra were down by 1 to 2 per cent.
On the bourses Unitech, Mahindra Satyam, Aban Offshore, DLF and Reliance Capital were active.
Compuage Info, Century Plyboard, ILandFS, Southern BioTec, Gujarat Industries Power, Pitti Lamination, Rane Holdings and FIEM Industries shot up from 11 to 20 per cent.
GM Breweries, SRF Polymers, Menon Bearings, SPICE, Banco Products, ETC Networks, WABCO-TVS and Surana Corp fell from 5 to 8 per cent.
6 pc fall in Shanghai drops 200 sensex points
At 12:10 PM, the Sensex lost over 200 points as Shanghai swooped down to 6 per cent.
The Sensex was down 209.76 points at 15712.58, and the Nifty was down 51.95 points at 4680.40.
Top losers on the Sensex were L&T, which went down by 2.78 per cent, Sterlite Ind at 2.5 per cent, Infosys at 2.57 per cent, TCS by 2.57 per cent while and Hindalco was down 2.33 per cent.
Reliance Industries, Infosys, ICICI Bank, L&T, Wipro, HDFC, TCS and Bharti Airtel were down by 1 to 2.5 per cent.
DLF was up by 1.96 per cent; Hero Honda by 1.02 per cent; ONGC was up by 0.94 per cent; Grasim was up by 0.58 percent ; NTPC up at 0.5 per cent; Unitech was up by 4.39 per cent; Cairn India was up by 3.42 per cent; Siemens went up to 1.52 per cent while ABB shot to1.46 per cent.
In the midcap space, HOEC, Pidilite Industries, Nirma, Godrej Industries and Ackruti City were up by 4 to 5 per cent. But Anant Raj Industries, Welspun Gujarat, Allcargo Global, GE Shipping and Indiabulls fell by 2 to 4 per cent.
In the smallcap space, Century Plyboard, Empee Distiller, Dalmia Cement, Pratibha Industries and Uttam Galva rose by 10 to 17 per cent However, Banco Products, WABCO-TVS, Vipul, JMD Telefilms and Infotech Enterprises lost 4 to six per cent.
The metal, technology, capital goods and private banking stocks witnessed selling pressure.
Dip in Shanghai hits metal, tech, banking sector
At 9:57 am, the Nifty, declined 58 points to 4,674 while the Sensex was down 183 points to 15,733. The CNX Midcap fell 42 points to 6,070 and the BSE Smallcap Index lost 26 points, to 6,935.
Metal stocks like Tata Steel, Nalco, Jindal Steel & Power, SAIL and Sterlite Industries were down over per cent each.
In the technology space, TCS, Infosys, Wipro and HCL Tech were down 1.5 per cent.
Capital goods stocks like BHEL and L&T fell 1.5 to per cent. Axis Bank, ICICI Bank, HDFC Bank, HDFC and Reliance Industries were the other losers.
However, Cairn was up by 2 per cent.
Midcaps like Orchid Chem, Suven Life, KPIT Cummins, Mahindra Satyam and Aban Offshore lost 1.5 to 5 per cent.
However, HOEC, Provogue, Shasun Chem and Maytas Infra were up 3 to 5 per cent.