New Delhi: Markets dived into red to close with huge losses along with other global counterparts trading negative on Monday. The Bombay Stock Exchange benchmark Sensex slipped from Friday’s 10,000 level close to settle around 5% lower.
After three weeks of rallying, profit booking along with political worries ahead of general elections weighed on sentiments. European markets also opened weak on falling auto shares as the US rejected restructuring plans for the financially troubled automakers GM and Chrysler.
After brief recovery in the past week, banking stocks dived again losing the as much as 8% along with other battered segments of metal, realty, IT and technology.
The 30-share Sensex opened 2% lower and went on to dip lower by 480.35 points to close at 9,568.14 and the 50-share NSE Nifty also lost its 3,000 mark ending down by 130.50 points at 2,978.15.
Losers from the BSE Sensex pack were - Jaiprakash Associates fell by 12.34% to Rs78.50, Tata Steel fell by 12.24% to Rs196.15, Reliance Infra down by 11.43% to Rs502.45, DLF Ltd fell by 9.34% to Rs165.55 and TCS fell by 9.12% to Rs522.75.
The BSE bank stocks underperformed the most, dropped by 8.58% with major losers like ICICI Bank dropped by 12.27%, Kotak Bank fell by 11.02%, Punjab National Bank slipped by 9.97%, Yes Bank fell by 9.59% and SBI down by 9.18%.
Larsen and Toubro also shed 4.27% to Rs650.95 despite winning an order worth Rs345 crore to manufacture steam generators for Nuclear Power Corporation of India.
Gainers from the BSE Sensex pack were - NTPC Ltd rose by 0.80% to Rs183.50 and Sun Pharma surged by 0.25% to Rs1,082.20.
Among the global markets, Asian markets ended in deep red with Hong Kong’s Hang Seng 4.7% down and Japan’s Nikkei 4.5% lower.