Markets tumbled led by Unitech, ICICIBk, Sterlite, Ranbaxy

17 September 2008

Markets plunged again and ended with sharp cut on the back of huge sell off in financial, realty, metal, FMCG, pharma, power, capital goods and few oil stocks. Midcap and small cap stocks also took huge beating on the bourses. However, cement, few auto and technology stocks gained. Benchmark indices had tried to bounce back in early trade but failed to sustain that gain. Markets remained under pressure throughout the day. All BSE Indices ended in red.

This sell off was largely led by financial stocks as there was news that large European banks may be facing financial crisis. Fitch has downgraded HBOS to AA from AA+. HBOS is UK's largest residential mortgage lender.

The Nifty has struggled at its psychological mark of 4000 and hit an intraday low of 3974.60 but managed to close above that levels. It fell 66.65 points or 1.64%, to settle at 4008.25. The Sensex has touched an intraday low of 13,127.96, before ending with a loss of 255.90 points or 1.89% at 13,262.90.

Delivery based selling was reported in ICICI Bank and Sterlite at institutional desk. These stocks were among the top losers.

BSE Realty Index underperformed other indices, lost 172.03 points or 4.13%, to settle at 3,991.93.

Banking stocks were major losers and responsible for todays fall. Index fell 259.45 points or 3.79% 6,592.96.