The market plunged sharply in late afternoon trade today with investors pressing some heavy sales at several counters, amid lingering worries about near term global economic growth. Caution ahead of the reporting season too prompted a section of investors to lighten commitments.
The Sensex, which plunged sharply to 19,237.91 a little while ago, losing over 200 points in the process, has recovered some ground and is currently at 19,319.32, down 120.16 points or 0.6% from its previous close. The Nifty is down 35.65 points or 0.6% 5823.35, off the day's low of 5802.85.
Oil stocks, led by heavyweights Reliance Industries (down 2.8%) and ONGC (down 1.9%) have declined sharply and contributed significantly to the market's sharp slide. BPCL, Cairn India and Hindustan Petroleum Corporation are trading lower by 2.8% - 3.4%. GAIL India and Indian Oil Corporation are down with modest losses.
Automobile stocks Bajaj Auto, Mahindra & Mahindra and Tata Motors are down 1.3% - 1.7%. Ashok Leyland is also trading notably lower, while Maruti Suzuki and Hero Motocorp are up marginally.
DB Realty, DLF, Indiabulls Real Estate, Peninsula Land and Unitech, trading lower by 1.5% - 3%, are down on selling pressure. HDIL, Phoenix Mills are also trading weak, while Anant Raj, Godrej Properties, Prestige Estates and Sobha Developers are up in positive territory.
Capital goods stocks ABB, BHEL, Larsen & Toubro, Carborundum Universal, Jindal Saw, Punj Lloyd and Thermax are down 1% - 2.5%. AIA Engineering, FAG Bearings, SKF India and Welcorp are trading firm.
Hindalco, Hindustan Unilever, Tata Steel, HDFC Bank, Dr Reddy's Laboratories and ITC are down with sharp to moderate losses.
IndusInd Bank has posted a net profit of Rs 334.84 crore for the quarter ended June 30, 2013 as compared to Rs 236.26 crore for the quarter ended June 30, 2012. Total income increased from Rs 1950.82 crore for the quarter ended June 30, 2012 to Rs 2382.81 crore for the quarter ended June 30, 2013. The stock is down 1.4% at Rs 495 at present.
Bank of Baroda, Grasim Industries, Power Grid Corporation, Punjab National Bank, Ranbaxy Laboratories, Sesa Goa and Ambuja Cements are all trading weak.
Wipro, ICICI Bank, Tata Power and Jindal Steel & Power are up with notable gains. Lupin, NMDC, Kotak Bank, HCL Technologies, Ultratech Cement, Asian Paints, IDFC and Jaiprakash Associates are among the notable gainers in the Nifty index.