Market sinks on bear hammering

The market went into a complete tailspin, as the much-awaited correction shaved nearly 700 points off the Sensex during the intra-day trades. Negative global cues like weak asian markets and hike in crude oil prices also contributed to the fall.After resuming on a weak note at 13,531, the market continued to remain negative and remained under the bear hug for the rest of the session. The Sensex nearly slipped below 13,000 towards the close as a wave of selling in heavyweights, realty, metal, power and Bankex stocks saw it slump to an intra-day low of 12,935. The Sensex finally ended 4.18% or 571 points lower at 13,094, while Nifty crashed 168 points to close at 3,926. Among the Asian indices, Nikkei tanked 0.16% (down 21 points) at 13,265, Hang Seng dropped 2.13% (down 462 points) at 21,243 and Kospi was down 1.05% (down 17 points) at 1,607.

The market breadth was extremely negative, Of the 2,683 stocks traded on the BSE, 1,876 stocks declined, 749 stocks advanced and 58 stocks ended unchanged. All the sectoral indices took sharp beatings. The BSE Realty index bore the major brunt and crashed 9.21% at 4,295, while the BSE Metal index, the BSE Power index, the BSE Bankex index, the BSE Teck index and the BSE FMCG index dropped over 4-8% each.

Except SBI & ONGC, all the other 28 stocks in the Sensex pack ended in the red. Among the major losers Tata Steel tumbled 11.30% at Rs650.10, DLF slumped 9.93% at Rs375.05, Reliance Infrastructure crumbled 8.72% at Rs695, ICICI Bank plunged 7.89% at Rs555.55, Reliance Communications dropped 6.91% at Rs381.05, ACC declined 5.94% at Rs470 and ITC fell 5.71% at Rs168. Other frontline stocks also dropped over 2-5% each.

Over 3.59 crore Avon Weigh shares changed hands on the BSE followed by Reliance Natural Resources (2.93 crore shares), IFCI (1.36 crore shares), Reliance Petroleum (1.34 crore shares) and Ispat Industries (1.32 crore shares).

Valuewise, Reliance Capital clocked a turnover of Rs432 crore followed by Reliance Industries (Rs354 crore), Reliance Energy (Rs291 crore), Reliance Petroleum (Rs226 crore) and Reliance Natural Resources (Rs181 crore).