MUMBAI: Indian markets tumbled post sun-outage break on dismal cues from global markets. Players frenziedly cut positions on fears there will be more
corporate failures and the US bailout plan may fail to resolve the credit crisis.
The failure of US financial services sector is now spilling over to European companies. Fortis, the largest Belgian financial service firm, recently filed for the bailout. Bradford & Bingley Britain's biggest lender to landlords may also be taken over.
At 2:11 pm, National Stock Exchange's 50-share Nifty dropped 4.33 per cent to 3812 and BSE Sensex was at 12490, down 4.67 per cent.
Nifty October futures was at a premium of 9 points to the spot and it added 35 lakh shares in open interest. Rising open interest coupled with narrowing premium indicates short build up in the contract.
On BSE, all sectors were in red. Realty, banking, consumer durables and IT were the worst hit sectors.
Top losers of BSE were ICICI Bank (-11.41%), Jaiprakash Associates (-12.39%), Reliance Infra (-7.43%), DLF Ltd (-8.80%) and Satyam Computers (-8.25%).
There were no gainers on Sensex. On NSE, SAIL (0.97%), Hero Honda (0.65%), Cipla (0.57%) and GAIL (0.42%) were marginally up.
Meanwhile, stocks dropped in Europe and Asia on rising numbers of corporates awaiting bailout.
Latest data:
BSE -534.54
12567.64 -4.08%
NSE -166.00
3,819.25 -4.35%
2:47 PM - Buy Reliance Industries on any fall with a target price of Rs 2250 in two to four months, says Dr Pankaj Dhanki, CNBC Awaaz. The stock is currently trading at Rs 1898, down 3.21% on the BSE. » Send to friends
2:39 PM - There is near panic in the market and we are seeing the capitulation of this wave, says Robin Griffiths, technical analyst, on NDTV Profit. Sensex is likely to touch 11,000 and that will be a sign of the end of the bear market, he feels. The market is likely to recover from there and it could be seen as the beginning of a bull phase, he says. FIIs are likely to return to the Indian market at 11200 levels, he adds. » Send to friends
2:30 PM - Nifty hits new low of 2008, has fallen below the crucial level of 3800 and is trading at 3778 down 208 points from the previous close. » Send to friends
2:23 PM - Sell SBI with a target price of Rs 1370, says Raj Kishore, technical analyst, on CNBC Awaaz. Maintain a stop loss of Rs 1415, he adds. The stock is currently trading at Rs 1362, down 5.03% on the BSE. » Send to friends
2:12 PM - FIIs are selling and the market is under tremendous pressure, says Ambareesh Baliga of Karvy Stock Broking on CNBC-TV18. Once Nifty breaks 3800 it will fall to 3600 sharply, he adds
Spource:TOI, rediff
