Nifty slips below 5k; BSE Oil & Gas down 3.5%

The markets are witnessing huge selling pressure due to oil & gas and banking stocks. The Sensex is trading below 17000 mark and the Nifty breached 5000 mark. Midcap and small cap stocks are in deep red. Market breadth is negative. On the global front, European markets were trading lower.

At 3 pm, the Sensex was down 268 points at 16,812 and the Nifty down 75 points at 5,005 (touched a low of 4998.55)

BSE Oil and Gas Index underperformed other indices, down 3.51% or 408 points. Bankex was down 2.33% or 203 points. Realty, Capital Goods, Power and Metal indices fell over 1%.

Markets at day's low

At 2:02 pm - Markets continue to trade at day’s low and show no sign of recovery. The BSE oil & gas index has underperformed the other BSE sectoral indices. Banking, IT, pharma, power stocks are also witnessing selling pressure. However, marginal buying interest has been seen in consumer durable and FMCG indices.

At 2.02 p.m., the Sensex is down 201.19 points or 1.18% at 16879.46, and the Nifty down 62.70 points or 1.23% at 5019.00.

The oil & gas index was down nearly 3% at 11322.18. Stocks like Essar Oil, Reliance, GAIL, RNRL and Petronet LNG tumble.

About 1129 shares have advanced, 1757 shares declined, and 200 shares are unchanged.

Top losers on the Sensex are ACC, Reliance Industries and HDFC Bank.

However, Bharti Airtel, Reliance Comm and ITC top gainers on the Sensex.

Mkts slip further; BSE Oil & Gas Index down 1.7%

The markets have tumbled and trading at day's low. Draggers are oil & gas, banking, power, technology and auto stocks. Metal, pharma and capital goods indices are marginally down. Midcap stocks also turned in red. Market breadth is negative. On the global front, Asian markets ended lower. European markets are trading weak.

At 1 pm, the Sensex was down 112 points at 16967 and the Nifty down 36 points at 5045. About 1325 shares have advanced, 1543 shares declined, and 218 shares are unchanged.

Oil and gas stocks were the major losers. The BSE Oil & Gas Index was down 1.7% due to selling in GAIL, Reliance, IOC, ONGC and BPCL. The Nymex Crude was trading at USD 124.18 per barrel.

HDFC Bank, JP Associates, ACC, TCS, Reliance Petro, Dr Reddy's Labs and GAIL were biggest draggers while Bharti Airtel, Sterlite, Tata Power, Wipro and Reliance Comm were movers.

Tea stocks continued to see some buying support. Major cement stocks are witnessing some selling pressure, down marginally.

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