Sensex sheds over 200 points; broader markets down 2.5%
22 February 2012
The Sensex shed more than 200 points in afternoon trade, weighed down by SBI, Reliance Industries, ICICI Bank and Bharti. Metals, realty, capital goods and power stocks too were down. The BSE benchmark was down 243 points to 18,185.39 and the NSE benchmark slipped 88 points to 5,519.25.
Market veteran Sanjay Dutt, director of Quantum Securities believes the risk-reward ratio is not favourable for investing in markets right now. He feels the market is likely to see 5% downside from current levels after the recent sharp upmove.
SBI, Sterlite Industries and DLF were top losers among the largecaps, falling 6-7%. Shares of country's largest telecom operator Bharti tanked 4%.
Index heavyweights ICICI Bank and Reliance Industries plunged 2.5% & 1.3%, respectively. Metals stocks melted down - Hindalco, Tata Steel and Jindal Steel fell 3-4%.
Among others, Tata Power, BHEL, NTPC, M&M and GAIL were down 2-3%. HDFC and L&T tumbled 1-1.6%.
However, Infosys, TCS, ITC and Wipro bucked the trend, gaining 0.5-1%.