Sensex plummets 265 points; Oil, automobile stocks decline sharply

Last Updated: Tue, Feb 26, 2013 09:36 hrs

The market continues to languish deep down in the red with stocks from across several sectors reeling under a severe bout of selling pressure. With global markets sliding down on renewed worries about the financial situation in the eurozone, and investors not nursing any big hopes from the Union Budget, the overall mood in the market is quite bearish this afteroon.

The Sensex has plunged to 19,066.81, losing 264.88 points or 1.34%, while the Nifty is down with a loss of 79.15 points or 1.35% at 5775.60.

Oil stocks have taken a severe beating today. Mirroring their decline, the BSE Oil & Gas index has lost around 2.6% now. The BSE Auto index is down 2.2%, with key stocks in that space declining sharply on selling pressure. PSU, capital goods, metal, realty and healthcare stocks too are mostly down with notable losses.

Bank and power stocks are trading weak as well. FMCG stocks are off their highs, while select information technology stocks continue to trade firm.

Oil & Gas index heavyweights Reliance Industries (down 3.1%) and ONGC (down 4.1%) are down sharply, contributing substantially to the market's sharp slide this afternoon.

Hindalco has lost around 4%. Tata Steel is down with a loss of 2.8% and Coal India is down 3.1%, while Sterlite Industries and Jindal Steel & Power are trading lower by 2% and 0.5%, respectively.

Tata Motors, Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki are down 2% - 3.3%, while Hero Motocorp, faring relatively better, is down with a loss of 0.8%.

HDFC is down nearly 3%. BHEL, ICICI Bank, Sun Pharmaceutical Indsutries, Cipla, Larsen & Toubro and GAIL India are down 1% - 2.8%. State Bank of India, Dr Reddy's Laboratories and Wipro are also trading notably lower.

Reliance Infrastructure, Siemens, BPCL, Axis Bank, Punjab National Bank, Lupin, IDFC, Ranbaxy Laboratories and Sesa Goa are down with sharp losses.

Tata Consultancy Services, Infosys, Jaiprakash Associates, NTPC, Bharti Airtel, Grasim Industries and Hindustan Unilever are trading higher.

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