The bears tasted success for the fifth successive session today as weak global markets, rising crude oil prices and reports of a possible hike in securities transaction tax provided a perfect platform for them to launch a massive attack on stocks. Stocks across the board felt the heat today. Information technology stocks were the outperformers thanks to some strong buying in a few heavyweights including Infosys Technologies and Tata Consultancy Services. But then, a severe bout of pressure in late afternoon trade knocked the wind out of these stocks as well.
Metal, bank, realty, capital goods, power and oil stocks melted. There was no respite for stocks from midcap and smallcap segments either. Mirroring the massive erosion in values of its components, the benchmark BSE index Sensex went crashing down to a low of 18,515.30 in afternoon trade. The barometer, which had opened with a negative gap of around 83 points at 19,197.57 this morning, ended the day with a massive loss of 678.18 points or 3.52% at 18,602.62.
The Nifty, which plunged to a low of 5530.85, settled at 5561.05 with a big loss of 3.8% or 219.85 points. While the Sensex drew a blank with none of its components making it to the positive territory, the Nifty had two stocks, Hero Honda (1.6%) and GlaxoSmithKline Pharma (0.6%) in the positive zone when the session ended today. HCL Technologies settled at its previous closing price.
NTPC, which lost a little over 8%, was the biggest loser in the Sensex today. BHEL went down by 6.3%. ITC, Maruti Suzuki, Reliance Energy, ICICI Bank, State Bank of India and Larsen & Toubro lost 5% - 6%. Hindalco and Tata Steel, the metal majors, closed lower by 4.9% and 4.35% respectively. Realty major DLF, a recent entrant to the Sensex fold, ended with a loss of 4.1%. Reliance Communications, Grasim Industries, Ranbaxy Laboratories, Mahindra & Mahindra, Tata Motors, HDFC Bank, Wipro, Cipla, ONGC and index heavyweight Reliance Industries lost 2% - 4% today.
Hindustan Unilever, HDFC, Infosys Technologies, Satyam Computer Services and Tata Consultancy Services also closed with sharp losses. ACC, Ambuja Cements, Bajaj Auto and Bharti Airtel lost 0.3% - 0.6%.
For more: Sensex nosedives 678 pts at close
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