Monday, 27 February 2012
Nifty fall below 5300 while the Sensex slipped more than 400 points
The Nifty hit a three-week low to fall below 5300 while the Sensex slipped more than 400 points as huge shorts piled up and long positions unwinding took place. Equity benchmarks underperfomed their global peers as European markets were down around 0.5-1%.
The Sensex plummeted 404 points or 2.25% to 17,519.51. Meanwhile, the Nifty lost 132 points or 2.43% to 5,297.30 led by sell-off in 44 stocks. The broader markets tanked 2.7%.
Index heavyweights Reliance Industries, L&T, SBI and ICICI Bank crashed 3-4%. Infosys, HDFC Bank and TCS were down 1-1.7% while BHEL plunged 4.5%.
Among metals stocks, Tata Steel, Jindal Steel and Hindalco tumbled 5% each.
In the auto space, Hero Motocorp lost over 6%. M&M, Tata Motors, Bajaj Auto and Maruti were down 3-4%.
The Sensex plummeted 404 points or 2.25% to 17,519.51. Meanwhile, the Nifty lost 132 points or 2.43% to 5,297.30 led by sell-off in 44 stocks. The broader markets tanked 2.7%.
Index heavyweights Reliance Industries, L&T, SBI and ICICI Bank crashed 3-4%. Infosys, HDFC Bank and TCS were down 1-1.7% while BHEL plunged 4.5%.
Among metals stocks, Tata Steel, Jindal Steel and Hindalco tumbled 5% each.
In the auto space, Hero Motocorp lost over 6%. M&M, Tata Motors, Bajaj Auto and Maruti were down 3-4%.
