Markets see sell-off; realty, banking, metal under pressure

03 February 2009

The benchmark indices are reeling under huge selling pressure, as uninterrupted downtrend is seen in banking, realty, telecom, technology, oil & gas, metal and power stocks. European markets are trading lower; FTSE went down 86 points at 4,063. CAC lost 90 points at 2,883 and DAX fell 123 points at 4,215.

The Sensex tumbled 348 points to 9,075 and the Nifty plunged 107 points to 2,767, at 2:33 hours IST. BSE Midcap and Small cap indices went down nearly 1%. 

BSE Realty Index fell 8.68%, as DLF plummeted 13% and Unitech down 7%.

JSL, SAIL, Hindalco, NALCO, Tata Steel, Jindal Steel and Sterlite Inds fell 5-7.5% in the metal space. BSE Metal lost 4.8%.

ICICI Bank, Axis Bank, SBI and HDFC Bank fell 4.4-6%. BSE Bankex plunged 4.25%.

Telecom stocks like Idea Cellular, Tata Comm, Reliance Communication, MTNL and Bharti Airtel tumbled 3-5.4%.