Nifty below 4500; realty, banks, metals, infra tumble
At 14:30 hours IST, the benchmark indices were witnessing huge selling pressure on the back of profit booking in financial, metal, realty, telecom and infrastructure stocks. The Nifty was struggling at the 4500 mark while the Sensex was trading below the 14900 level.
Frontline counters like ONGC, SBI, SAIL, DLF, NTPC, Reliance Communication, Tata Steel, ICICI Bank, HDFC, Cairn, Sterlite, Unitech and PNB plunged 2.5-10%. BHEL, ITC, HDFC Bank, L&T, Axis Bank and Suzlon fell 1-5%. However, only Infosys, Wipro, TCS, Hero Honda, Tata Power, Maruti, BPCL and Grasim were the gainers.
The Sensex slipped 306 points, to 14,797 and the Nifty lost 116 points, to 4,470. Among the broader indices, the BSE Midcap and Smallcap indices fell 3.5-4%.
All the sectoral indices declined barring IT. The Realty Index lost 7%. Metal and Bank indices tumbled 3.8-4.7%. FMCG, Power, Capital Goods, Oil & Gas, Pharma and Auto indices fell 1-2%. However, the IT Index was up 2%.
The market breadth was completely in favour of declines; about 760 shares advanced while 2131 shares declined. Nearly 249 shares were unchanged.
Among the midcap stocks, Patni Computer, Dish TV India, Omaxe, Kingfisher Airlines and Punj Lloyd were down 9-12.6%. In the smallcap space, Mahindra Life, Uflex, SREI Infra, Oscar Investment and Zodiac Clothing slipped 10-11.6%.
Shipping stocks like ABG Shipyard, Bharati Shipyard, Essar Shipping, Garware Offshore, GE Shipping, Great Offshore, Mercator Lines, Shipping Corp, Shreyas Shipping and Varun Shipping were down 2-6.5%.
In the fertiliser space, Chambal Fertiliser, Coromandel Fertiliser, Deepak Fertiliser, FACT, GSFC, Mangalore Chemical, Nagarjuna Fertiliser, National Fertiliser, Oswal Chemical, RCF and Zuari Industries fell 3.5-8%.
In the paper pack, AP Paper Mills, Ballarpur Industries, JK Paper, Rama Newsprint, Seshasayee Paper, Shreyans Industries, Sirpur Paper, Star Paper, Tamil Newsprint and West Coast Paper were down 2-6%.
Hotel stocks like Advani Hotels, Asian Hotels, Bhagwati Banquet, EIH, EIH Associated Hotel, Hotel Leela, Indian Hotels, Kamat Hotels, Oriental Hotels, Royal Orchid, Taj GVK Hotels and Viceroy Hotels fell 1.5-6%.