Markets plummet at close; Realty, Metal indices dip over 5.5 per cent

17 June 2009

The benchmark indices saw huge correction today on the back of unwinding of positions by traders in the second half of the trade. The sharp correction in the heavyweights pulled the Nifty below the 4350 level and the Sensex below the 14500 mark. One percent fall in European markets also weighed on the markets.

A steep crack was seen in realty, metal, capital goods, oil & gas and power stocks; respective indices were down 3.3-6%. Stock futures shed over four crore shares in the open interest.

The 30-share Sensex touched an intraday low of 14,447.02, before closing at 14,522.84, down 435.07 points or 2.91%. The 50-share NSE Nifty shed 161.65 points or 3.58%, to settle at 4356.15, after seeing a day's low of 4332.80.

Among the broader indices, the BSE Midcap Index fell 205.09 points or 3.92%, to 5,021.07 and the Smallcap Index lost 3.74% or 224.82 points, to 5,786.54.

Anu Jain, Vice President - IIFL Private Wealth Management of India Infoline said 4250 on the Nifty was possible but as of now it was still in the trading range. She further said there was no reason to panic much.

Sectoral indices
All sectoral indices closed in the red. Not a single stock ended in the green among the Nifty 50 and Sensex 30 stocks. BSE Realty and Metal indices lost 5.6-5.9%. Oil & Gas, Capital Goods and Power indices declined 3.3-4.3%. Auto, Bank, TECk, FMCG, IT and Healthcare indices fell 1.66-2.5%.