Markets suffer fresh panic over Greece fears; Sensex falls 302 pts

The sentiments turned bearish on renewed fears of Greece default. The Sensex fell by 302 points and the Nifty slipped by 94 points

Major headlines

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India's factory PMI growth falls to 30-month low

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Indian indices

Growing concerns over the euro zone debt crisis triggered broad-based selling by investors today. There were renewed fears of Greece default as its government stated it would miss deficit targets for 2011 and 2012 and its impact was seen across the global markets. Joining the worldwide sell-off, the Indian markets closed the first session of October 2011 with sharp cuts. Sustained selling in metal, realty, banking, capital goods and consumer durables kept the markets lower whole day, with markets falling for the second straight session.

Sensex movements: Tracking global weakness, the Sensex started the trade 198 points lower at 16256 and extended losses tracking weak global cues. Heavy selling across the board dragged the Sensex to intraday lows of 16056 in early afternoon session. The Sensex tumbled 302 points to close at 16151 and the Nifty stood 4850, down by 94 points.

Market sentiment:

The market breadth stood very weak. Of the 2894 stocks traded on the BSE, 876 (30.27%) rose, 1910 (66.00%) fell and 108 (3.73%) remained unchanged.

Viewing volumes

A Jaypee Group firm - Jaiprakash Associates was traded the most with over 0.34 crore shares changing hands on the BSE. Following that India’s second largest developer - Unitech (0.25 crore shares), a major Indian telecommunication company - Reliance Communications (0.24 crore shares), one of India's leading and most valuable financial services companies in the private sector - Reliance Capital (0.22 crore shares) and a real estate development company - HDIL (0.20 crore shares).

Sectoral & stock screening

All the 13 sectoral indices closed in the negative territory. BSE Realty was the underperformer, declining by 4.59%, followed by BSE Metal down by 4% and BSE Bankex fell by 2.82%. Remaining ten slipped in the range of 0.39-2.52%.

In 'A' group stocks, top gainers - BPCL up by 5.29%, HPCL rose by 3.60% and Educomp Solutions advanced by 3.10%. Top losers -Sintex Industries down by 12.36%, Shipping Corporation of India fell by 9.62% and DLF declined by 7.82%.

Global Indices:

The European stocks slumped on Monday after Greece said it would not meet a target for reducing its massive deficit, heaping fresh pressure on the eurozone crisis. Budget Draft Greek unemployment to reach 16.4% in 2012.

The Asian stocks closed lower on Monday on deepening concerns that the euro zone's debt crisis will dampen global growth. Shanghai Composite and Kospi indices remained shut.

The US Stock index futures pointed to a weaker open on the Wall Street on Monday as concerns over Greece's teetering finances returned to the forefront.

Market Outlook: In the US, ISM Manufacturing Index will be released on Monday.