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Markets crack, Sensex slips below 17K mark

The markets have cracked further and trading in deep red.

News18test sharma |

Updated:May 22, 2008, 10:58 AM IST
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Markets crack, Sensex slips below 17K mark
The markets have cracked further and trading in deep red.

Mumbai: The markets have cracked further and trading in deep red due to huge selling pressure banking, auto, capital goods, power, realty, metal and oil stocks.

The Sensex was trading below 17000 mark while the Nifty is still above 5000. Market breadth has weakened; 272 shares advanced while 826 shares declined. Midcap and small cap stocks were also under selling pressure.

At 1022 hrs, IST, the Sensex was down 328 points at 16,914 and the Nifty down 96 points at 5,021. Midcap and Small Cap indice were down nearly 1%.

Top losing counters were Reliance Infra, Tata Motors, ICICI Bank and PNB while gainers - TCS, Satyam and Cairn India.

The BSE Bankex fell nearly 3% as selling seen in ICICI Bank, PNB, HDFC Bank, Axis Bank, SBI, Union Bank and BOB. Auto stocks like Tata Motors, Escorts, M&M, Maruti and Hero Honda lost ground. The Auto Index was down 2.4%.

Capital Goods crashed nearly 2.4% due to loss in Rel Ind Infra, Suzlon Energy, Praj, Punj Lloyd, ABB, L&T and BHEL. BSE Power Index lost over 2% led by GVK Power, Rel Infra, GMR, Suzlon Energy, Tata Power, NTPC, Torrent Power and Power Grid.

Realty, Metal and Oil & Gas indices were down over 1.5%. FMCG and Healthcare slipped over 1%. Most active counters on the bourses were IFCI, Cairn, Reliance Power and Reliance Industries.

The Indian Rupee has depreciated further and hit 43.15 a dollar.

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