labels: stock markets - india, markets - general

Market Update: Sensex crashes 390 points; Tata Steel down 8.5 per cent news
11 December 2006

Markets have crashed after the weak opening as almost all the frontline stocks are under pressure. Though global markets remain positive, the much-delayed correction has taken the indices substantially lower. Sensex saw a low of 13262 while the Nifty slipped to a low of 3798, before recovering modestly.

Sensex is trading lower by 390 points at 13409 at 01.10 PM.

Nifty is now trading lower by 114 points at 3848.

Banking stocks have lost heavily and are leading the market crash. PNB is the worst performer, down more than 8 per cent. SBI and ICICI Bank are down close to 7 per cent each while OBC has slipped more than 6 per cent. HDFC Bank is down more than 5 per cent.

Among the smaller banks, Bank of India is down 10.5 per cent while Bank of Baroda, Corporation Bank and Canara Bank are down around 8.5 per cent each. Syndicate Bank, IDBI, Andhra Bank, UTI Bank and Indian Overseas Bank are also trading with substantial losses of between 7 and 8 per cent each.

Tata Steel has crashed after a very weak opening. The stock is now down a staggering 8.5 per cent as traders have slammed the stock after the higher bid for Corus.

Telecom stocks, best performers over the last few months, have also crashed. VSNL has slipped 7.5 per cent while Reliance Communications has lost over 7 per cent. Bharti is down nearly 6.5 per cent.

Zee Tele, one of the biggest losers last week, has slipped another 8 per cent.

ACC is the other major loser, down more than 6.5 per cent.

Satyam and ONGC are the only gainers among index stocks.

Mid-caps and small caps have also crashed after the weak opening. The NSE mid-cap index is now trading with losses of over 3.3 per cent. BSE mid-cap is trading with losses of over 2.75 per cent and the small-cap index is down over 2.65 per cent. Market breadth on the NSE is extremely negative with nearly 8.5 stocks declining for every advancing stock in early trades.

Goldstone Technologies remains locked in the 20 per cent upper circuit, after initiating a rally last week. FCS Technologies and Sanwaria Agro continue to be locked in 10 per cent upper circuits.

Indo-Count, Navneet Publications, Weizman Industries, Flex Engineering, and Vardhman Poly are among the major mid-cap gainers.

Among the smaller private banks, IndusInd Bank has lost nearly 10 per cent. Lakshmi Vilas Bank is down nearly over 8.5 per cent.

Malu Paper, Piramyd Retail, Shreyas Shipping and Nitco Tiles are the major mid-cap losers.

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Market Update: Sensex crashes 390 points; Tata Steel down 8.5 per cent