Sensex sinks 1112 pts; recovers

After a highly volatile session, swinging over 1300 points, the BSE Sensex showed an intra day recovery of 654 points and closed with a loss of 457 points. The Nifty closed down over 150 points.

The markets hit the 10% lower circuit today and trading had to be suspended for an hour. The markets showed some recovery when trading resumed.

The Sensex closed at 10482 down 457 points and the NSE Nifty closed at 3081 down 166 points.

The BSE Midcap closed at 4,955.34 down 6.4% and the Small Cap closed down 6.9% at 6,336.03.

According to experts the crash has occurred due to the vicious circle of margin call. The market breadth was negative, about 186 shares have advanced, 2082 shares declined, and 29 shares are unchanged.

BHEL, Wipro [ Get Quote ], Tata Power [ Get Quote ], L&T, GAIL , MTNL [ Get Quote ] and Jet Airways [ Get Quote ] are top losers on the indices.

All the BSE sectoral indices closed in red.

The consumer durables index was down 10% at 2,829.59. Stocks including Titan Industries [ Get Quote ], Whirlpool [ Get Quote ], Blue Star [ Get Quote ], Su-Raj Diamonds [ Get Quote ], BPL and Samtel Color [ Get Quote ] witnessed heavy selling.

The metal index was down 7% at 8,089.02. Major losers were stocks like Hind Zinc, Guj NRE Coke, Jindal Stainless [ Get Quote ], SAIL [ Get Quote ], Sterlite Ind and Nalco.

The capital goods index slipped 5.84% to close at 7,332.67. Major losers were stocks like Alstom [ Get Quote ] Projects, Aban LoydChiles, Siemens, HEG, Carborundum and Thermax

Oil and gas stocks including GAIL, MRPL, Petronet LNG [ Get Quote ], Kochi Refinery and ONGC [ Get Quote ] ended in deep red. The oil & gas index plunged 5.8% to close at 5,073.65.

The auto index was down by 4.9% at 4,852.23. Stocks including Escorts, Hind Motors, Amtek Auto [ Get Quote ], Punj Tractors, Tata Motors [ Get Quote ] and TVS [ Get Quote ] Motor were among the losers.

Wipro, TCS [ Get Quote ], I-Flex [ Get Quote ] Solution, Infosys [ Get Quote ], HCL [ Get Quote ] Info and HCL Tech closed in deep red. The IT index was down 4.5% at 3,565.01

The pharma index tripped 3.3% at 3,395.28. Divis Labs, Matrix Lab, Orchid Chemical, Nicholas Pirama, Cadila Health and Sterling Bio witnessed heavy selling

The bankex lost 2.5% to close at 4,884.40. Allahabad Bank [ Get Quote ], Union Bank, Canara Bank [ Get Quote ], Bank of India [ Get Quote ], Oriental Bank [ Get Quote ], Kotak Mahindra and Andhra Bank [ Get Quote ] were among the top losers.

Market Summary:

Sensex recovers 654 points, Nifty -196 points from day's low

Sensex hits 10% lower circuit; - closes down 3.5% at 10,540

Sensex Swings 1,315 Points;- Nifty swings 417.50 points

CNX Midcap Index, BSE small-cap-Index down over 6% each

BSE Metal Index down over 7%;-Hind Zinc down 20%

BSE Oil & Gas Index down nearly-6%; ONGC, RIL [ Get Quote ] down nearly 5%

Each BSE Cap Goods, Auto, IT Indices-Down Over 4%

Each BSE Advance-Decline Ratio-At 1:15

Nifty Futures end at 72 point-discount from spot

The NSE cash turnover stood at Rs 9860.47 crore (Rs 98.60 billion). The NSE F&O turnover was Rs 30430.86 crore (Rs 304.30 billion).

The BSE cash turnover was Rs 3980.02 crore (Rs 39.80 billion). The total market turnover was Rs 44271.35 crore (Rs 442.71 billion).

According to the finance minister, retail investors should stay invested as there is ample liquidity and fundamentals of the economy are sound.

He further added the margin pressure was expected and the banks will give funds to meet margin calls.

The Sensex's Rise & Fall: Complete Coverage 

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