Nifty ends below 5000, Sensex sheds 367 points; TCS down 6%

The BSE Sensex took a big knock on Tuesday, shedding as much as 415 points from the day's high to hit an intraday low of 16,502.91 while the NSE Nifty closed below the 5000 level for the first time since January 18. Heavy sell-off in banks, steel, technology and auto stocks, and the sharp fall in the rupee indicated that overseas investors may have offloaded somewhat exposure.

Huge shorts were built up today in last hour of trade. Nifty May 5000 Put added more than 2.5 lakh shares while Nifty May 4900 Put has seen addition of whopping nearly 11 lakh shares in open interest (OI). Even 4800 put added close to 10 lakh shares in OI. Nifty May 5200 Call added close to 5 lakh shares in Open Interest indicating short term resistance for the current series.

The BSE benchmark fell 366.53 points - a biggest fall since March 22 - or 2.17%, to close at 16,546.18 led by 25 components. Meanwhile, the NSE benchmark lost 114.20 points or 2.23% to 4,999.95.

Listen to the accompanying audio for the full market wrap..

Fall in European markets too added fuel to the fire - France's CAC tanked 2% and Germany's DAX slipped 1% while Britain's FTSE was down 0.25%.

Robert Parker of Credit Suisse AMC said markets worried about situation in Greece as there has been uncertainty on formation of new government in the country. He expects newsflow out of Europe to be negative till June.

The Indian rupee reversed sharply from day's high of 52.68 a dollar. It depreciated by 29.75 paise to 53.20 a dollar at the time of closing of equities while dropped 52 paise from day's high.

Cigarette major ITC rallied more than 2% at one point of time, which got hammered quite badly in late trade - the stock fell 4% at close.

Tata Motors, top commercial vehicle maker dropped 3.88% below Rs 300 a share today. Shares of Hero Motocorp and M&M were down 2-3%.

Country's largest software services exporter Tata Consultancy Services topped the selling list, losing nearly 6% after its unlisted rival Cognizant cut revenue guidance to 20% from 23% for 2012. Infosys was down 1.6% and Wipro declined 1.9%.

Steel stocks too melted down - Tata Steel, Sterlite Industries and Jindal Steel tanked 3-3.5%. However, aluminium major Hindalco Industries gained over 1% after better than expected numbers for fourth quarter of FY12. Company's net profit fell 9.65% to Rs 640 crore for January-March quarter of 2012 while analysts on average had expected at Rs 496 crore.

All sectoral indices closed in red. BSE Capital Goods, IT and Bankex hit quite badly, falling 3-3.4%.

State-owned capital goods major BHEL lost nearly 5%. Engineering and construction major Larsen & Toubro was down 3.7%.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were down 2-3%. Index heavyweights Reliance Industries and ONGC fell around 1%.

However, GAIL and Coal India outperformed, rising 1.6% and 2%, respectively.

The broader indices too caught in bears' grip in last couple of hours of trade - the BSE Midcap Index was down 1.3% and Smallcap dropped 0.9%.

At 14:53 hours IST: Nifty breaches 5000; ITC, L&T, Tata Motors, BHEL down 4-5%

The BSE Sensex and NSE Nifty tumbled over 2% each due to consistent fall in banks, auto, metals and technology stocks. The Indian rupee too extended its downtrend, losing 35 paise to 53.26 a dollar.

The BSE benchmark went down 369 points or 2.18% to 16,544 and the NSE benchmark was down 114.6 points or 2.24% to 4,999.55. European markets too stayed lower - France's CAC dropped 1.7% and Germany's DAX declined 0.7% while Britain's FTSE fell 0.15%.

Back home, country's largest private sector lender by market cap HDFC Bank and capital goods major Larsen & Toubro tanked 3-4%.

Top lenders State Bank of India and ICICI Bank were down 2-3%. Steel stocks Tata Steel, Jindal Steel and Sterlite Industries dropped 3% each.

State-owned BHEL extended its fall, losing 5%. Among auto stocks, Tata Motors, Hero Motocorp, Bajaj Auto and M&M were down 2-4%.

Technology major TCS crashed 5.77% after rival Cognizant cut its revenues guidance for CY12. Infosys and Wipro declined 1.5-2%.

ITC, which gained 2% at one point of time today, plunged 4%.

However, shares of Hindalco Industries, India's largest aluminium producer gained 1.3% after it has reported better than expected numbers for the fourth quarter of FY12. Company's net profit fell 9.65% to Rs 640 crore for January-March quarter of 2012 versus Rs 708.4 crore in a year ago period.

Crude oil prices too declined - Brent crude was down 0.5% and NYMEX crude fell 1%.

At 13:49 hours IST: Sensex slips 1% again on weak Europe; rupee hits 53/USD

The BSE Sensex and NSE Nifty lost over 1% in afternoon trade led by further sharp fall in Tata Consultancy Services (tanked 5.6% to Rs 1202 a share). The Indian rupee, which gained nearly 2% since yesterday's low, too depreciated; it declined 18 paise to 53.09 a dollar. Even European markets were under pressure - France's CAC fell nearly 2% while Britain's FTSE and Germany's DAX were down 0.5%. The Dow Jones futures too declined 72 points.

The BSE benchmark fell 172 points or 1% to 16,741.10 and the NSE benchmark dropped 54.35 points to 5,059.80.

Shares of software services exporters Infosys and Wipro declined 2% each whereas HCL Tech was down 4%.

Engineering and construction major Larsen & Toubro tumbled over 2% and state-owned capital goods company BHEL was down 3%.

Banks too extended fall - country's top lenders State Bank of India, ICICI Bank and HDFC Bank moved down 0.8-1.6%.

Index heavyweight Reliance Industries too stayed lower since early trade; losing over 1%.

However, shares of GAIL, DLF and Coal India outperformed, rising over 2%. FMCG majors ITC and HUL moved up 1% each.

At 12:28 hours IST: Nifty stays below 5100; TCS tumbles 5%, GAIL rises 3.5%

The BSE Sensex shed 150 points again amid choppy trade as country's largest software services exporter Tata Consultancy Services tumbled 5% after the US based Cognizant cut its revenues guidance for CY12 to 20% from 23%. Its rivals Infosys and Wipro were down 2-2.7%.

Top lender State Bank of India too turned negative, falling 0.5% after the Reserve Bank of India's deputy governor Subir Gokarn said there was a relatively limited room for further interest rate easing. "Significant risk of inflation is becoming resurgent and spiralling crude oil price is a major concern globally," he added. ICICI Bank was moderately lower while HDFC Bank tanked 1.2%.

The BSE benchmark dropped 150 points or 0.89% to 16,762.76 led by 21 components. Meanwhile, the NSE benchmark was down 42.30 points to 5,071.85.

Auto stocks like Tata Motors, Mahindra & Mahindra, Bajaj Auto and Hero Motocorp declined 0.5-2%.

Index heavyweights and oil & gas producers Reliance Industries and ONGC were down over 1%. Capital goods majors Larsen & Toubro and BHEL fell 1.2% and 2.7%, respectively.

However, shares of ITC, HUL, Sun Pharma, Coal India and DLF gained 1-2.6%. GAIL stayed top gainer among largecaps, rising 3.56%.

At 11:17 hours IST: Sensex, Nifty pare losses; rupee gains 21 paise

The BSE Sensex and NSE Nifty pared losses led by recovery in banks, capital goods and metals stocks. FMCG stocks too extended gains whereas the fall in technology stocks capped the recovery.

Country's largest lenders State Bank of India and ICICI Bank were flat while HDFC Bank slipped just 0.5%.

The BSE benchmark fell 62 points or 0.37% to 16,850.92 and the NSE benchmark declined 17.7 points to 5,096.45.

The Indian rupee was trading at 52.70 to the dollar versus 52.9150/9250 last close.

FMCG majors ITC and HUL gained 2% and 1%, respectively. GAIL was the biggest gainer, rising 3.5%. However, Tata Consultancy Services, Infosys and Wipro continued to trade with 3-4% losses due to guidance cut by Cognizant for CY12.

Index heavyweight Reliance Industries declined over 1% and top commercial vehicle maker Tata Motors was down 1.6%.

Most active shares on the BSE were MMTC with 2,75,357 equity shares and IRB Infrastructure with 17,02,752 shares.

In the second line shares, Jubilant Life, IRB Infrastructure, Shree Global, HMT and Hathway Cable gained 4-7% while SREI Infra, Pantaloon Retail, Hexaware Tech, Educomp Solutions and Manappuram Finance slipped 2.5-3%.

Advancing shares outnumbered declining by 1190 to 894 on the BSE.

At 10:07 hours IST: Sensex, Nifty fall 1%; banks, technology, cap goods weigh

The BSE Sensex fell 1% due to fall in capital goods, banks, metals and technology stocks. Even the NSE Nifty dropped below the 5100 level led by 32 components. However, the Indian rupee appreciated by 17 paise to 52.74 a dollar today. It has been gained more than a rupee since yesterday's low of 53.76 a dollar.

The BSE benchmark was down 163 points or 0.96% to 16,750 and the NSE benchmark declined 50 points or 0.97% to 5,064.6 while the broader markets were flat.

Country's largest software services exporter Tata Consultancy Services topped the selling list; falling 3.7% after US based Cognizant cut its guidance to 20% from 23% for 2012. Infosys, Wipro and HCL Tech were down 2-3%.

Banking stocks too were down. India's largest lenders State Bank of India, ICICI Bank and HDFC Bank declined 0.8-1.6%.

Capital goods majors Larsen & Toubro and Bharat Heavy Electricals slipped 1.5% and 2.4%, respectively.

Index heavyweight and oil & gas producer Reliance Industries declined 1.5%.

However, FMCG majors ITC and HUL gained around 0.5%. Shares of housing finance company HDFC gained for the second consecutive session, rising 0.75% after better than expected growth in net profit for Q4FY12.

At 9:19 hours IST: Sensex, Nifty flat; IT plunges post Cognizant cuts guidance

The BSE Sensex and NSE Nifty opened flat on Tuesday after seeing a sharp swing yesterday. Even US and Asian markets were sideways in trade.

Shares of country's largest software services companies TCS, Infosys, Wipro and HCL Tech were down 3-4% after Cognizant cut its revenues and profit guidance for FY12 to 20% from earlier 23%. The company indicated demand trends entering into Q2 were not as strong as it had earlier expected.

The BSE benchmark was down 13.37 points to 16,899.34 and the NSE benchmark went down 1.2 points to 5,112.95.

L&T, BHEL and ICICI Bank were down moderately.

However, GAIL gained 3.5%, topping the buying list. 

Bank of Baroda, Hero Motocorp, Maruti, ITC, SBI, Reliance Industries, HDFC, IDFC, Cairn India, DLF and Jaiprakash Associates too were on buyers' radar.

The CNX Midcap Index gained 35 points at 7,275. About two shares advanced for every share falling on the National Stock Exchange.

In the second line share, Petronet LNG was up 3.5% and Indraprastha Gas went up 2.5%.

Escorts, NIIT, United Phosphorous and Kingfisher were up 1-3%.

Ceat rose 3% ahead of quarterly numbers.

Titan Industries and Gitanjali Gems gained 0.5-1% after the government decided to withdraw the levy (1% excise duty) on all precious metal jewellery, branded or unbranded, with effect from March 17, 2012.

However, OnMobile Global declined 1.3% on disappointing set of numbers for Q4FY12. Company's net profit dropped 72% QoQ to Rs 5 crore.

SKS Microfinance plunged over 5% after company's net loss increased significantly in Q4FY12.