Bears play havoc, push Sensex down by 571 pts

Tag : reliance industries


A sharp surge in crude oil prices had knocked off Wall Streetyesterday and Asian markets, despite staging a recovery of sortsafter a weak start, ended on a negative note today. And the moodback home was not any different from other markets.

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The market witnessed a fairly decent recovery a little past midafternoon as a few bank stocks, led by heavyweight State Bank ofIndia, bounced back smartly on a strong round of buying. But therally proved short-lived and the Sensex, which had rallied toaround 13,250 from a low of 12,934.92, faltered again and settledat 13,094.11, netting a huge loss of 570.51 points or 4.18%.

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The Nifty, which tanked to a low of 3874.85 in afternoon trade,closed with a loss of 167.60 points or 4.09% at 3925.75.

Realty stocks, among the most impressive gainers in the previoussession, were the worst hit in the carnage today. Mirroring theirfall, the BSE Realty index plunged by 9.21%.

Metal stocks were battered and reflecting the sharp erosion inprices of stocks from this space, the barometer tracking theirperformance went down by 8.5%. Power, bank, FMCG, auto, IT, capitalgoods and oil stocks were all plundered. PSU, pharma, telecom andconsumer durables stocks were not spared either.

Among Sensex components, only State Bank of India (2.1%) and ONGC(0.6%) ended on a positive note today. Mahindra & Mahindra, whichended with a marginal loss on BSE, posted a sharp gain on theNational Stock Exchange. ABB and BPCL were the other gainers in theNifty index.

Tata Steel (down 11.3%) was the biggest loser in the Sensex. DLFreverted to its losing ways again and finished with a loss of 9.9%.Reliance Infrastructure closed lower by 8.7%. ICICI Bank eased by7.85%.

Reliance Communications lost 6.9%. ACC, ITC, Tata Motors, GrasimIndustries, HDFC, Maruti Suzuki, Ambuja Cements, Bharti Airtel,Hindalco, Jaiprakash Associates and Infosys Technologies lost 4% -6%.

NTPC (down 3.9%), HDFC Bank (down 3.6%), Reliance Industries (down3.35%), Larsen & Toubro (down 2.75%), Tata Consultancy Services(down 2.6%), Satyam Computer Services (down 2.6%), Wipro (down2.25%) and BHEL (down 2.05%) declined sharply. Cipla, HindustanUnilever and Ranbaxy Laboratories also ended on a weak note.

Suzlon Energy went down by over 10%. Unitech, SAIL, Tata Power,Tata Communications, Sterlite Industries, HCL Technologies and IdeaCellular eased by 6% - 10%. Siemens, GAIL India, ReliancePetroleum, Power Grid Corporation, Hero Honda, Cairn India and ZeeEntertainment also posted sharp losses.

Gujarat NRE Coke, United Breweries, Kotak Bank, Adlabs Films, IDFC,Sobha Developers, Edelweiss Capital, Nagarjuna Fertilizers, HDIL,Jindal Steel, Reliance Capital, Axis Bank and Deccan Aviation wereamong the major losers from BSE 'A' Group. These stocks lostbetween 8% - 14% today.

Heavy selling in midcap and smallcap segments saw the Midcap andSmallcap indices drifting down by 2.82% and 2.42% respectively. Themarket breadth, not surprisingly, was weak right through the day.Out of a total of 2683 stocks traded on BSE, 1871 stocks closedwith losses. 754 stocks bucked the trend and posted gains while 58stocks ended flat.