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22nd May 2006, 01:09 PM
#1
Senior Member
Veteran Hubber
~~~Market Updates~~~
After a firm opening on Monday, the markets slipped into the red with the benchmark index crashing 1100 points to 9826 levels in intra-day trade.
The trading has been suspended for an hour as the indices hit the lower circuit. This is the biggest intra-day fall for Sensex ever.
In the broader markets, the Nifty shed 10.8 per cent or 350 points. It is hovering at 2896 levels.
The markets on Monday saw the use of index-based circuit breakers for the second time after they were introduced on June 28, 2001. They got activated for the first time on May 17, 2004.
The crash followed a statement by Central Board of Direct Taxes (CBDT) seeking to dispel suggestions that its draft circular was ambiguous.
Leading the pack of losers at the Sensex is Tata Motors. The counter slipped 13.2 per cent or Rs 112. NTPC, BHEL, HDFC Bank, Cipla and Hindalco are the other key losers.
The market breadth is extremely negative with all the BSE 30 and NSE 50 scrips trading in the red.
Capital goods worst hit
The BSE capital goods index slipped 14.4 per cent or 1120 points. It is the biggest loser among sectoral indices.
Alstom Projects, Thermax Limited and Siemens India shed close to 20 per cent each. Greaves Cotton, Larsen & Toubro and HEG Limited slipped over 15 per cent each.
Weakness is also seen in metal counters. The BSE metal index slipped 13.4 per cent or 1166 points. Sterlite Industries at Rs 325 levels plunged 20.2 per cent or Rs 82.
Hindustan Zinc (down 20 per cent), Jindal Stainless (down 20 per cent), Sesa Goa (down 17.5 per cent), Tata Steel (down 17.2 per cent), Jindal Steel & Power (down 17 per cent) and SAIL (down 12 per cent) are the other key losers.
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22nd May 2006 01:09 PM
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