Across-the-board selling pressure led by oil stocks saw the Sensex plummet 1.88%.
The Sensex witnessed the awaited correction today, as meltdown in major global indices turned the domestic market upside down. After rallying for the past few sessions, the Sensex lost 292
points on sustained selling in heavyweights, metal and banking stocks.
The market began on a positive note at 15,577 and touched the day's high of 15,580 (only two points higher than the opening), but remained range-bound as trading progressed. After slipping below 15,300 level in noon trades, the Sensex plunged towards the close on unabated selling in metal, banking and information technology stocks, touching the day's low of 15,125. The Sensex signed off the session with a loss of 1.88% or 292 points at 15,212. The Nifty tumbled by 1.47% or 68 points to close at 4,552.
Movers & Shakers
Steel Strips Wheels rose after the company reported a sales growth of 20% and an export growth 291% in July 2008.
Trent's Hyper hit the upper circuit after the company entered into an association with Tesco Plc, UK's leading retailer for the company.
The market breadth was extremely weak. Of the 2,729 stocks traded on the BSE, 1,556 stocks declined, 1,100 stocks advanced and 73 stocks ended unchanged. All the 13 sectoral indices were hammered today. BSE Metal Index led the slump and crashed by 3.62% at 12,661. BSE Bankex was down 3.44% at 7,437, BSE IT Index lost 2.84% at 3,772 and the BSE Teck Index dropped 2.44% at 3,028. Other sectoral indices slipped by around 0.75-2% each. However, BSE Oil & Gas Index and BSE FMCG Index ended with steady gains.
Out of 30 Sensex stocks, 25 stocks ended lower, with metal and banking stocks taking a strong beating. Among the metal stocks, Tata Steel plummeted by 5.71% at Rs607.95 and Jindal Steel crashed by 5.11% at Rs1,993.60. Banking majors IDBI slumped 5.68% at Rs88 and Axis Bank lost nearly 5.03% at Rs721.55. Index heavyweight Maruti Suzuki India plunged 4.58% at Rs678.05, JP Associates shed 4.46% at Rs188.55, Sterlite Industries declined by 4.46% at Rs597.05, ICICI Bank slipped by 4.20% at Rs738.40 and HDFC fell by 4.03% at Rs2,466.60.
Over 2.53 crore shares of Landmark Property changed hands on the BSE followed by Reliance Natural Resources (1.70 crore shares), Chambal Fertilisers (1.60 crore shares), Nagarjuna Fertilisers (1.20 crore shares) and Kashyaap Technologies (91.77 lakh shares).
European Indices at 16:00 IST on 12-08-2008
Index
Level
Change (pts)
Change (%)
FTSE 100 Index
5530.70
-11.10
-0.20
CAC 40 Index
4530.13
-8.36
-0.18
DAX Index
6590.56
-19.07
-0.29
Asian Indices at close on 12-08-2008
Index
Level
Change (pts)
Change (%)
Nikkei 225
13303.60
-127.31
-0.95
Hang Seng Index
21640.89
-218.45
-1.00
Kospi Index
1577.12
-3.97
-0.25
Straits Times Index
2816.82
-8.57
-0.30
Jakarta Composite Index
2057.57
-76.34
-3.58
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