Nifty ends below 4300; Bharti, RIL, ONGC, Rel Infra dip 4 per cent

11 September 2008

Markets took a nosedive and completely shattered in today's trade as heavyweights have dragged benchmark indices lower. This is the third straight day that indices have been under pressure and they have lost all Monday's gains. Oil & gas, power, realty, capital goods, telecom and banking stocks are real culprits for this fall.

Out markets have also taken a cue from global markets as credit concerns are not over yet in the US financial space. Asian and European markets also got burnt.

Sheshadri Bharatan of Dawnay Day AV Financial Services said the market is taking its cues from the global markets and added that the impact of the Fannie Mae and Freddie Mac bailout is yet to be felt in the credit system and the US markets. He sees the support for Nifty at 4,250 at this point in time.

Reliance Industries has played a significant role in today's fall. It closed below Rs 2000 for the first time since July 16. The stock fell 4.13%, to settle at Rs 1997.60 while it slipped over 16% since August 16, 2008. Reliance lost over Rs 1,88,000 crore in its market cap. It added nearly 50 points to this fall.

Bharatan feels the Reliance stock at around the Rs 2,000 level is a good buy.

Other draggers include Bharti Airtel, ONGC, ICICI Bank and L&T, which fell 4.4%, 3.82%, 2.01% and 1.82%, respectively.