The Nifty hit a three-week low to fall way below 5300 while the Sensex slipped more than 450 points as huge shorts piled up and long positions unwinding took place. Equity benchmarks underperfomed their global peers as European markets were down more than 1.5%.
The Sensex plummeted 485 points or 2.7% to 17,438. Meanwhile, the Nifty lost 155 points or 2.85% to 5,275 led by sell-off in 45 stocks. The broader markets tanked over 3%.
Index heavyweights Reliance Industries, L&T, SBI and ICICI Bank crashed 3.6-5%. Infosys, HDFC Bank and TCS were down 1-1.7% while BHEL plunged 5%.
Among metals stocks, Tata Steel, Jindal Steel and Hindalco tumbled 5.5-6%.
In the auto space, Hero Motocorp lost over 6%. M&M, Tata Motors, Bajaj Auto and Maruti were down 3-4.5%.
Market breadth deteriorated further; about four shares declined for every share rising on the BSE.
In the second line shares, Tube Investment rallied 9%. AIA Engineering, Godfrey Phillip, 3M India and Gillette India gained 2-2.7% while Sintex Industries, BF Utilities, HCC, Jaypee Infra and PTC India were down 8-9%.
Smallcaps like Nirlon, Triveni Turbine, C Mahendra Exports, SPML Infra and Pradip Overseas shot up 4.5-11%. However, Kalyani Steels, Spanco, Mangalore Chemical, Shasun Pharma and Provogue tumbled 9%.
http://www.moneycontrol.com/news/local-markets/nifty-slips-below-5300-broader-markets-down-3_673623.html
The Sensex plummeted 485 points or 2.7% to 17,438. Meanwhile, the Nifty lost 155 points or 2.85% to 5,275 led by sell-off in 45 stocks. The broader markets tanked over 3%.
Index heavyweights Reliance Industries, L&T, SBI and ICICI Bank crashed 3.6-5%. Infosys, HDFC Bank and TCS were down 1-1.7% while BHEL plunged 5%.
Among metals stocks, Tata Steel, Jindal Steel and Hindalco tumbled 5.5-6%.
In the auto space, Hero Motocorp lost over 6%. M&M, Tata Motors, Bajaj Auto and Maruti were down 3-4.5%.
Market breadth deteriorated further; about four shares declined for every share rising on the BSE.
In the second line shares, Tube Investment rallied 9%. AIA Engineering, Godfrey Phillip, 3M India and Gillette India gained 2-2.7% while Sintex Industries, BF Utilities, HCC, Jaypee Infra and PTC India were down 8-9%.
Smallcaps like Nirlon, Triveni Turbine, C Mahendra Exports, SPML Infra and Pradip Overseas shot up 4.5-11%. However, Kalyani Steels, Spanco, Mangalore Chemical, Shasun Pharma and Provogue tumbled 9%.
http://www.moneycontrol.com/news/local-markets/nifty-slips-below-5300-broader-markets-down-3_673623.html
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