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
is trading lower by 390 points at 13409 at 01.10 PM.
is now trading lower by 114 points at 3848.
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.
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
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.
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.
Tele, one of the biggest losers last week, has slipped
another 8 per cent.
is the other major loser, down more than 6.5 per cent.
and ONGC are the only gainers among index stocks.
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.
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
Navneet Publications, Weizman Industries, Flex Engineering,
and Vardhman Poly are among the major mid-cap gainers.
the smaller private banks, IndusInd Bank has lost nearly
10 per cent. Lakshmi Vilas Bank is down nearly over 8.5
Paper, Piramyd Retail, Shreyas Shipping and Nitco Tiles
are the major mid-cap losers.