Mumbai, Oct 27: The Reserve Bank of India's (RBI) credit policy and weak global cues led the markets to a massive fall. While 30-share BSE Sensex tumbled 387.10 points or 2.31 per cent, to settle at 16,353.40, the 50-share NSE Nifty shut shop at 4846.70, down 2.5 per cent or 124.20 points.
Even though all sectors witnessed selling pressue, Banking and realty stocks were the worst hit and respective indices fell 3.8 per cent and 6.2 per cent.
Even though the markets opened the day on a negative note on weak global cues, it was the RBI policies that led to biggest single day fall since Aug 17. The markets recorded third highest total turnover ever at Rs 1.46 lakh crore.
4: 31 PM
Benchmarks dip; realty, metal, telecom drag
With the sustained downtrend in banking & finance, realty, metal, telecom, power and pharma stocks weighing on the benchmarks, Nifty slipped 103 points to 4,867 and the Sensex tanked 314 points to 16,426, at 2: 14 pm.
Broader indices were underperforming the benchmark indices; the BSE Midcap Index fell 3 per cent and Smallcap Index lost 3.7 per cent.
All the sectoral indices were in the red. BSE Realty Index tumbled 6 per cent, Metal Index plunged 4 per cent, Bankex slipped 3 per cent. Power, FMCG, TECk, Oil & Gas and Capital Goods indices fell 1 to 1.9 per cent.
The losers among the largecaps were Bharti Airtel, SBI, ICICI Bank, DLF, Sterlite Industries, Tata Steel, SAIL, Unitech, Tata Power, SAIL, Hindalco, Reliance Communication and Jaiprakash Associates down, 2.5 to 8 per cent.
Index heavyweight, Reliance Industries was down over 1 per cent.
The gainers among the midcaps were PTC India, KEC International, MindTree, Carborundum and 3M India, up 2.8 to 3 per cent. Losing 7.7 to 9 per cent, Omaxe, HDIL, Puravankara Projects, Jet Airways and Bajaj Hindusthan were the losers.
While Prime Securities, Navin Fluorine, Zensar Tech, Jindal Worldwid and Greaves Cotton went up 3.5 to 9.5 per cent in the small cap arena, Aptech plummetted 15.6per cent, and Disa India, MIC Electronics, JSW Holdings and Murli slipped 10 per cent each.
2: 51 PM
Heavy sell off weighs on the markets
Weighed down by heavy sell off, Nifty extended losses and slipped. At 12: 29 pm, Sensex was down 263 points at 16,476 and the Nifty fell 90 points to 4,880.
Telecom and private power stocks saw sell off along with Reliance Industries which dipped nearly 1. 5 per cent. BSE Realty Index tanked over 7 per cent; Metal and Bank indices slipped 3.5 to 4 per cent.
In the realty space, DLF lost 5.7 per cent and Unitech was down 8 per cent.
Banking stocks like SBI tumbled 4 per cent and ICICI Bank was down 4.8 per cent. HDFC was down 1.7 per cent, Axis Bank down 3.2 per cent, IDFC down 6 per cent and HDFC Bank down 0.4 per cent.
In the metal space, SAIL, Tata Steel, Sterlite Industries, Jindal Steel and Hindalco fell 2.3 to 4.8 per cent.
Telecom stocks like Bharti Airtel, Reliance Communication and Idea Cellular slipped 3 to 3.9 per cent.
On the positive note, Wipro continued to gain on good numbers, up by 3.5 per cent. ONGC, Infosys, L&T, HUL, Sun Pharma, Tata Motors and Grasim went up 0.5 to 1.8 per cent.
Mkts open weak; telecom, realty, banking dip
The Indian markets opened the day on a negative note on the back of weak global cues.At 9:56 am, BSE Sensex fell 119 points to 16,621 and NSE Nifty slipped 38 points to 4,932. The CNX Midcap tanked 91 points to 6,784.
Selling pressure in telecom, realty, metal, banking and power along with heavyweight Reliance Industries also weighed on the market.
On good numbers, Wipro was up 2.5 per cent and Tata Motors went up by 2.5 per cent.
The early losers among the frontliners were Unitech, DLF, Idea Cellular, Reliance Communication, Jaiprakash Associates, Tata Steel, Hindalco, Sterlite Industries and ICICI Bank.
Among the midcaps, Sesa Goa lost 10 per cent as MCA ordered SFIO probe into the company. Punj Lloyd lost another 5.5 per cent. GMR Infrastructure, Areva T&D and OnMobile Global also fell 4.5 to 6 per cent on disappointing numbers.
Aban Offshore fell 2.5 per cent and Geometric Software was down 1 per cent.
However, on good numbers, Hindustan Motors shot up 5 per cent.
Zee News rose 1.5 per cent and MindTree gained 2.5 per cent.
10: 23 AM