With several front line stocks trading sharply lower on sustained selling pressure, the market is all set to end on a dismal note today. Besides worries about the possibility of a shut down of the U.S. government due to a budget impasse, a weak trend in Asian and European markets, the rupee's weakness and caution ahead of the release of current accound deficit data are contributing to the decline.
The Sensex, which tanked to 19,380, is currently down by around 330 points at 19,397. The Nifty is down 97.65 points or 1.66% at 5735.55.
Tata Steel is down as much as 5.7%. BHEL, ICICI Bank, NMDC and Coal India are trading lower by 4% - 5%. Jaiprakash Associates, Punjab National Bank, Axis Bank, Larsen & Toubro, DLF, Mahindra & Mahindra, IndusInd Bank, Hero Motocorp, Asian Paints, ONGC and Reliance Industries are down 2% - 5%.
Bharti Airtel, Tata Motors, HDFC Bank, Bank of Baroda, ITC, NTPC, State Bank of India, HDFC, IDFC, Hindalco and Tata Power are also trading notably lower.
HCL Technologies, ACC, Hindustan Unilever, Sun Pharmaceutical Industries, GAIL India and BPCL are trading firm, gaining 1% - 1.6%. Infosys, Cairn India and Lupin are trading modestly higher.
Financial Technologies, which plunged to Rs 129.35 on the back of reports that the Economic Offences Wing is conducting a raid at the company's Head Quarters in Mumbai, has recovered a bit and is currently trading at Rs 140, down more than 7% from its previous closing price. MCX is down 5% at Rs 381.