The market went crashing down in early trades this morning as investors tracked global cues and pressed heavy sales across the board. The setback suffered by stocks on Wall Street overnight on the back of weak economic data and the resultant sell-off in Asian markets triggered the slide.
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The Sensex, which nosedived to 15,790.49 within minutes of commencement of trade, is down with a big loss of 327.78 points or 2.02% at 15,897.17 at present. The Nifty index of the National Stock Exchange is down with a loss of 99.30 points or 2.05% at 4746.05, off a low of 4715.55 it had touched in early trades.
Though stocks cutting across various sectors are down in the red with notable losses, the fall of realty and metal sectors are more pronounced at present. Bank, auto and capital goods stocks have also suffered sharp losses.
Besides a host of large cap stocks, several stocks from midcap and smallcap sections have also plunged sharply on severe selling pressure.
The mood is so bearish that none of the Sensex components is up in positive territory at present. Hindustan Unilever, ITC and NTPC, are the only stocks to have managed to find modest support. These three stocks are down 0.3% - 0.9% from their previous closing levels.
Tata Steel, ICICI Bank, Hero Honda, Tata Motors, ACC, Jaiprakash Associates, Hindalco, State Bank of India, DLF, ONGC and Mahindra & Mahindra are down by 2% - 3%.
Tata Consultancy Services, HDFC Bank, Bharti Airtel, Larsen & Toubro, Reliance Industries, Infosys Technologies, HDFC, Grasim Industries and Maruti Suzuki are also down with sharp losses.
SAIL, Suzlon Energy, Unitech, Ranbaxy Laboratories, Reliance Capital, Axis Bank, Cairn India, Jindal Steel, IDFC, Power Grid Corporation, Reliance Power and Punjab National Bank are among the major losers in the Nifty index. GAIL India, which had a good outing on Thursday, has bucked the trend and is up with a modest gain at Rs 421.60.
