Across-the-board selling on weakness in global markets leads the Sensex lose 398 points for the day.After yesterday’s loss, the market began the trading session on a weak note tracking mixed global cues.The Sensex opened with a negative gap of 487 points at 9,681 and slipped below 9,700 on sustained selling in heavyweight, metal, auto and oil & gas stocks. The market received a breather as the inflation for the week ended October 23 comes down to 11.04% against 11.44% from the week ended October 16, and the Sensex regained the 10,000 level. However, unabated selling in metal, auto and oil & gas stocks dragged the Sensex to the day’s low of 9,681. The Sensex finally closed with loss of 398 points at 9,772 while Nifty shed 122 points and closed below 3,000 at 2,943.
The broader market was extremely weak. Of the 2,594 stocks traded on the BSE, 1,885 stocks declined, 641 stocks advanced and 68 stocks ended unchanged. All the sectoral indices ended in the negative territory. The BSE Metal dropped 11.08% at 4,996.92, BSE Auto shed 7.21% at 2,769.79, BSE Oil & Gas slipped 5.30% at 6,058.28 and BSE Realty was down 5.26% at 2,305.58.
Among the major losers Tata Steel slumped 14.85% at Rs208.45, Tata Motors dipped by 14.57% at Rs195.00, Hindalco Industries declined 13.10% at Rs52.75, Ranbaxy Laboratories shed 10.94% at Rs229.95, Mahindra & Mahindra lost 9.77% at Rs342.30, Maruti Suzuki India declined 8.82% at Rs342.30 and ICICI Bank was down 7.79% at Rs365.55. However, Grasim Industries notched up gains of 4.74% at Rs1,215, BHEL rose 2.74% at Rs1,170.35, Larsen & Toubro gained 2.43% at Rs834.95, HDFC Bank gained 2.23%, ONGC advanced 1.94% and Tata Consultancy Services added 0.20% at Rs547.45.
Metal stocks came under sharp selling pressure. SAIL India tumbled 14.39% at Rs83.60, NALCO slipped 14.08% at Rs206.95, Hindustan Zinc slumped 10.98% at Rs264.75, Welspun Gujarat fell 9.91% at Rs109.55, Ispat Industries lost 9.06% at Rs12.05, JSW declined 8.13% at Rs230.60, Sterlite Industries shed 7.47% at Rs245.30 and Gujarat NRE was down 6.62% at Rs30.35.
Over 1.64 crore shares of Reliance Petroleum changed hands on the BSE followed by HDIL (0.89 crore shares), Indiabulls Real Estate (83.57 lakh shares), Reliance Natural Resources (73.10 lakh shares) and Cals Refineries (72.32 lakh shares).
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