Nifty ends below 2950; Realty dips 10 per cent, Power down 8 per cent

11 November 2008

Benchmark indices snapped two days rally and witnessed sharp cut. Both indices washed out Monday's gain on account of huge profit booking in realty, metal, capital goods, oil, banking and power stocks. The Nifty closed below 2950 level and the Sensex settled below 9900 level. Midcap and small cap stocks followed the same trend. Weak global cues also fueled to negative sentiment.

Heavyweights like Reliance Industries, ONGC, Bharti Airtel, NTPC, BHEL, DLF, SBI, Infosys, ICICI Bank, L&T, SAIL, HDFC and HDFC Bank were leading contributors in today's fall.

The Sensex plunged 696.47 points or 6.61% to 9,839.69, after hitting an intraday low of 9,799.45. The 50-share NSE Nifty touched a low of 2919.45, before closing the day with a loss of 209.6 points or 6.665 at 2938.65. All BSE sectoral indices closed in red.

BSE Midcap Index fell 118.39 points or 3.41%, to settle at 3,356.70 and Small Cap Index lost 100.02 points or 2.51%, to close at 3,888.01.

BSE Realty Index collapsed like a pack of cards, crashed 252.14 points or 10.25%, to end at 2,208.71. Indiabulls Real tumbled 15%. DLF and Unitech lost 10% and 9.5%, respectively.

Metal stocks wiped out gains. SAIL, Sterlite Industries, Tata Steel and Hindalco crumbled 10-11.8%. Metal index fell 481.06 points or 8.42% to 5,233.77.