Major blue chips pull Indian markets down

Major blue chips pull Indian markets down

Mumbai: Shares of major bluechips on Thursday opened on a negative note led by Tata Steel, which fell 10% in early morning trade on the bourses.

With the meltdown in the domestic bourses, shares of Bharti Airtel, Hindalco, HDFC Ltd and ICICI Bank tumbled the most in the range of four to 10% on the BSE.

Shares of Tata Steel on Thursday opened at Rs228.60 and dipped further to an intra-day low of Rs220.65, down 10%. It was later trading at Rs228.30, down 6.74 % on the BSE.

On the National Stock Exchange, Tata Steel dipped 10.22% to its day’s low of Rs220.

Telecom major Bharti Airtel slipped 7.10% to touch its intra-day low of Rs620. The scrip was later quoting at Rs623.80, down 6.53%. Over 1.97 lakh shares changed hands on the bourse.

Marketmen said increased capital outflows by foreign funds following weak global equity markets and depreciating Indian rupee against US dollar were major factors behind the free-fall in stock prices.

Aditya Birla flagship Hindalco Industries dipped 8.97% to touch its intra-day low of Rs55.25.

Private sector lender ICICI Bank dipped 8.18% to touch a low of Rs364. It was later quoted at Rs372.80, down 5.97% on the BSE. On the NSE, the scrip touched the day’s low of Rs361, a 8.99% dip over previous close.

Corporate behemoth Reliance Industries dipped 6.42% to a low of ,231. It was trading at ,264.15, down 3.91% on the BSE. On the NSE, RIL touched a low of 1,226, down 6.89% over previous close.

Besides, Housing Development Finance Corporation (HDFC) slipped 6.30% to touch its intra-day low of Rs1,785.