Sensex falls 704 points as panic grips investors

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Sensex falls 704 points as panic grips investors
With panic gripping investors that the world is on the verge of a major slowdown and perhaps recessions, the stock markets all over the world  fell hard. Indian stock market was no different and relevance of FIIs was again reminded as there was fall across the board. At the same time, rupee slipped below Rs 49 per dollar as a global sell-off adding fuel to the fire. 

European markets too fell further France's CAC, Germany's DAX and Britain's FTSE plunged 4% each.

The BSE Sensex fell by 704 points to 16,361, reflecting a loss of 4.13%. Meanwhile the broader index such as Midcap and smallcap fell only 3.19% and 3.18% respectively. In the meantime, Nifty fell by 209 points or 4.08% to 4923. Heavyweights Reliance Industries and Bharti Airtel crashed 5% each.

Of the 50 stocks that make the Nifty only Acc went up by 0.03%. All other stocks fell. Among the Nifty stocks, the one that fell the most was JP Associates with its fall of 9.81% and Reliance Communication with 8.26%. Real Estate major DLF fell by 7.83% and Sterlite was down by 7.27%.

Among the sectoral indices Realty was down by 5.96%. Metal, Oil and gas, Capital Goods and Bankex fell by 4-4.5%. And Auto, Teck, Power, Information Technology and Consumer Durables were down by 3.4-3.9%. Sectoral indices that fell the least were Health-Care and FMCG, which were down by 2.20 & 2.96% respectively.

4:05 p.m.

Bloodbath on D-Street. Sensex falls over 500 points

As European markets were falling and sharp cracks came out in major sectors, this made the Indian equity benchmarks even weaker.

Sensex fell by 530 points or 3.11% to 16,535. Meanwhile, the NSE Nifty fell by 160 points or 3.15% to 4,971. Realty sector fell further and was in red by 4.26%.

Among the major stocks only BPCL and ACC bucked the trend and gained by 0.18% and 0.03% respectively. With such thin margeins it would not be surprising that these two stocks also close on losses.

Indian rupees fell to 49.08 against dollar, down 0.76 or 1.57%. This signals a huge outflow of money from India. Huge fresh shorts were seen in the market; Nifty 5000 put shed more than 20 lakh shares in open interest.

European markets too fell further; France's CAC, Germany's DAX and Britain's FTSE plunged 4% each.

Among the major stocks Reliance Industries and Bharti Airtel crashed 5% each.

2:20 p.m.

Stock markets jitters. Sensex falls over 450 points

The market is falling fast and steep. Indian equity benchmarks falling at a pace of their global peers. 

The 30-share index of BSE, Sensex fell 447 points to 16,617 and the NSE Nifty comprising of 50 stocks dropped 132 points to 5,000. This was an across the board fall as 48 stocks dipped and none of the sectors were trading in the green.

Billionaire investor George Soros was quoted on the News Channel CNBC that, he believed the United States was already experiencing a double-dip recession. He went on to further add that the Republican opposition to Obama's fiscal stimulus plans was to blame for such a sluggish growth.

In India, among the sectoral indices, the worst hit indices are Realty and Metal as they fell by 3.65% and 3.46% respectively. Meanwhile the best performing stock fell by only 1.09%.

On the Nifty stocks only BPCL and tata powere were in the green with gains of 1% and 0.07% gains respoectively. Meanwhile the biggest loser among the Nifty stocks, was Sterlite industries with 5.48% and JP Associates 5.14%.

Among other largecaps, TCS, Bharti Airtel, NTPC, L&T, Infosys and Tata Motors plummeted 2-4.6%.

On the global front, European markets futures like CAC, DAX and FTSE fell 2-4%, which is pointing lower opening.

1:06 p.m.

Sensex fall 250 points in few minutes of trade. Stock markets all over the world falls

Indian indices fall across the board, following the footsteps of its peers around the world as the FOMC meeting's announcement turned out to be a disappointment for the investors.

Nifty opened with a fall of 78.80 points or -1.54% at 5,055.05 so it managed to stay above the 5k mark. Meanwhile, the BSE benchmark, Sensex fell by 249 points or 1.46% to 16,815 points.

Among the sectoral indices, the best performing index was FMCG and it fell by 0.67%. However the worst hit sector was Realty that was down by 2.51%. Metal also fell by 2.18%.

Tata Steel, Reliance Communications, Hindalco, Sterlite, Sesa Goa, Reliance Infra, Reliance Capital, TCS, HCL Tech, Wipro, Axis Bank, ICICI Bank, Reliance Industries, L&T, SBI, DLF and Ambuja Cements, all of these were under selling pressure.

The NSE Midcap fell 40 points. About 6 shares declined for every share rising.

Mundra Port plunged 5%. IVRCL, HDIL, Punj Lloyd and JSW Steel were down 2.5-3.5%.

However, Everonn Education was locked at 5% upper circuit for seventh consecutive session.

10:10 a.m.

Read more about: bse, sensex, nse, nifty, capital market
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