Nifty below 4800; Maruti, L&T buck trend

The market has remained under extreme selling pressure due to steep fall in major banks post Moody's cut SBI standalone rating to D+ from C-, though it showed modest recovery from day's low. The 30-share BSE Sensex dropped 229 points to 15,922, after recovery of over 150 points from day's low. Meanwhile, the 50-share NSE Nifty was trading at 4,788.05, down 61.45 points.

From the financial space, ICICI Bank crashed 5%. Axis Bank and PNB were down 2.5%. HDFC and HDFC Bank fell over 1%.

From the oil & gas space, ONGC and Reliance Industries declined 1.7% each.

Among other largecaps, Bharti Airtel, HUL, ITC and Infosys slipped 1-2.5%. Tata Motors, JSPL and M&M tanked 4% each.

However, capital goods and metal stocks gained strength. L&T rose 1.8% and BHEL was up 1%.

TCS moved up 0.6% and Wipro gained 1%. Maruti Suzuki turned top gainer - rallied 3%.