It was a Black Monday again. As weak global markets triggered a massive sell-off, stocks across the board went into a tailspin on the major Indian bourses today. So sharp were the losses recorded by blue chip stocks today that the benchmark BSE index Sensex went tumbling down by a massive 5.12% or 900.84 points, recording its second biggest fall ever (in absolute terms) in history.
As fears of growing credit losses and the implications of a weak US economy on other nations continued to dampen the sentiment, it was a virtual one way trip down south for stocks today. Moderation in growth and concerns over rising inflation were the other factors that hurt the sentiment.
While the Sensex, which touched a low of 16,634.63 in late afternoon trade, ended at 16,677.88, the Nifty settled at 4953, a few points off its intra-day low of 4936.05, netting a huge loss of 270.50 points or 5.18%.
Auto and pharma stocks, thanks to certain sops announced in the Budget that was tabled last Friday, found some support. The Auto and Healthcare indices ended lower by just 0.8% and 0.19% respectively!
Mirroring the sharp fall in prices of bank, power and realty stocks, the Bankex, Power and Realty barometers went down by 6.72%, 6.35% and 6.39% respectively. The Capital Goods, Metal, Oil & Gas and PSU indices lost 5.5% - 6%. The Consumer Durables index dropped down by 6.72% while the IT and Teck indices eased by 4.4% and 4.32% respectively. BSE FMCG drifted down by 2.1%.
Among Sensex components, only Cipla (2.15%), Hindustan Unilever (2%), Ranbaxy Laboratories (1.1%) and Maruti Suzuki (0.85%) managed to buck the weak trend today.
Sun Pharmaceuticals (3.1%), Hero Honda (1.75%), GlaxoSmithKline Pharma (0.8%), Zee Entertainment (0.75%), Nalco (0.75%) and BPCL (0.5%) were the gainers from the Nifty index.
State Bank of India (down 8.8%) was the biggest loser from the Sensex. DLF, HDFC and BHEL lost 8% - 8.5%. Hindalco, NTPC, Reliance Industries and ICICI Bank lost over 6% today.
Reliance Communications, Reliance Energy, Satyam Computer Services, Infosys Technologies, Larsen & Toubro, ITC, HDFC Bank, Bharti Airtel, Tata Steel, Grasim Industries, Wipro, Tata Consultancy Services
Suzlon Energy, the biggest loser in the Nifty, went down by 10.4%. Punjab National Bank (down 9.65%), SAIL (down 9.3%), Reliance Petroleum (down 7.9%), Siemens (down 7.35%), Tata Power (down 6.7%), Idea Cellular (down 6.05%), Sterlite Industries (down 6.05%), Unitech (down 5.55%), GAIL India (down 4.65%), Tata
Communications (down 3.95%) and ABB (down 3.55%) also declined sharply. Cairn India, Dr Reddy's Laboratories and HCL Technologies eased by 2.955, 2.05% and 1.4% respectively.
Mirroring the sell-off in midcap and smallcap segments, the BSE Midcap and Smallcap indices fell by over 4% today. The market breadth remained very weak right through the session.
When trade ended, out of a total of 2766 stocks that were seen in action on BSE today, as many as 2330 stocks were down in the red. 396 stocks managed to post gains and 40 stocks ended at their previous closing levels.
The volume of business on the bourses came down a bit today. The National Stock Exchange recorded a turnover of Rs 12,754.20 crore, which was lower by around Rs 3,262 crore than what the exchange had recorded on Friday last week.