Markets in red again, Sensex below 11k level

Markets in red again, Sensex below 11k level

Mumbai: Stock markets on Wednesday slipped into the negative territory again after two days of gaining, with the benchmark Sensex nosediving over 670 points to close below 11,000 level on across-the-board selling by funds and general investors.

After notching up more than 950 points in the past two days, the BSE barometer on Wednesday plunged to 10,809.12 points, a steep fall of 674.28 points.

The markets opened on particularly weak note and the key index never recovered from its loss of 250 points at the outset.

National Stock Exchange index Nifty also tumbled by 180.25 points at 3,338.40.

Marketmen said buying of the past two day could not be sustained on Wednesday as sentiment was weak on concerns that deepening financial crisis could lead to a global recession. The fears were were mirrored in other Asian bourses as well, they noted.

Major indices like Hang Seng Index and Singapore Strait Times Index closed lower in the range of 3-5% taking cues from marginal in US overnight.

On BSE selling pressure was felt across the board and there on Sensex scrip could post any gain while all sectoral indices closed in the red. Capital goods, consumer durables and metal segment recorded hefty losses and topped the list of big sectoral losers.

Capital goods segment index suffered a loss of 788.19 points at 8088.01. Larsen and Toubro dropped 110.50 at 893.15, BHEL 93.40 at 1394.30 and Areval 151.75 at 903.95.

Metal sector index fell by 535.86 points at 6315.85, with stocks of Sterlite Industries, leading copper and zinc producer, dropped 10.11% at Rs292.15, after metals prices dropped in global markets.

Tata Steel fell by 10.35% at Rs273.25, Jindal Steel 10.56% at Rs777.30 and Hindalco 6.70 per cent at Rs79.40.

Oil and gas index by 392.53 points at 7230.87, as the index heavy Reliance Industries dropped by Rs100.45 at Rs1519.25, Aban Offshore by Rs158.10 at Rs1037.10, ONGC by Rs42.10 at Rs838.60 and Essar Oil by Rs19 at Rs98.10.

IT index lost 159.68 points at 2780.19. Sensex heaviest Infosys Technologies dropped 5.80 at 331.25, Satyam Computers 16.65 at 72.35, Tata Consultancy 0.10 at 42.05 and Moser Baer 9.10 at 05.40.

Consumer durables index fell by 204.91 points at 2125.85, Teck index 143.18 points at 2230.60, power index 122.15 points at 1905.72, realty index 129.26 points at 2675.48, FMCG index 70.92 points at 1870.08, PSU index 203.36 points at 5555.49, Auto index 119.29 points at 3309.46, Bank index 196.47 points at 5841.50 and Healthcare index 76.28 points at 3328.35.

As selling pressure spread over a wide-front, smallcap index dropped by 222.44 points at 4393.45 and midcap index by 171.55 points at 3720.48.