Big carnage was seen on the Dalal Street, as it was a capitulation day for the markets; bears took complete control over bulls and did not give single chance to get revenge. Metal and realty stocks got crushed very badly following technology, capital goods, power, telecom, oil & gas and banking stocks. Midcap and small cap stocks also took huge beating on the bourses. The Nifty and Sensex have touched new-2008 low, due to this global meltdown. All indices ended in red.

Global markets jittery has played a key role today. Liquidity crunch has driven the global markets as well as Indian markets down. .
 
Asian markets ended sharply lower. Shanghai tumbled 5.23%, Hang Seng -4.97%, Nikkei -4.25%, Straits Times -5.61%, Kospi -4.29%, Taiwan Weighted -4.12% and Jakarta -10.03%. FIIs sold USD 425 million worth shares in Taiwan market today (provisional data).

Credit crunch got deepened in the Europe. European indices like FTSE, CAC and DAX were down around 5-6%, at 4:39 pm. There are news that BNP Paribas will buy 75% stake in Fortis' units for USD 11.3 billion. Germany's government, banks and insurance will provide USD 68 billion rescue package for Hypo Real Estate. Fortis and Hypo Real Estate rescue package came after an earlier agreement fell apart.

Among the emerging markets, Russia fell 8.5% and Brazil was down 3.5%.

Dow Jones and Nasdaq Futures were down over 2.25% each, which implied that US stocks are likely to open sharply lower.

Ambareesh Baliga of Karvy Stock Broking does not expect any sort of bounceback from the current levels in the near future and believes that the liquidity crunch is driving the markets down. He expects this scenario to continue for some more time. ''It does not matter whether it is 3,650 on the Nifty or 12,000 levels on the Sensex today because most people have given up."

The Sensex tumbled 793.35 points and Nifty fell 236.7 points to hit an intraday as well as new-2008 low of 11,732.97 and 3581.60, respectively. The Sensex closed with a loss of 724.62 points or 5.78% at 11,801.70. The Nifty fell 215.95 points or 5.66%, to settle at 3602.35.

Not a single stock ended in green on the BSE Sensex while only two stocks namely Tata Communication and BPCL managed to close in positive terrain on the Nifty Fifty.

Traded turnover was not so great, it stood at Rs 61,188.05 crore. This includes 10,355.77 crore from NSE cash segment, Rs 46,853.23 crore from NSE F&O and balance Rs 3,979.05 crore from BSE Cash segment.