Nifty below 3k: RIL, Infosys, Bharti, ICICI Bank tumble

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At 12.30 hrs IST, the markets were trading at day's low. The Nifty was trading below the 3000 mark. Except pharma all sectoral indices were trading negative. The BSE Bankex was worst hit; it was down over 6%. The sell-off in European and Asian markets was putting pressure on our markets as well.

Stocks like Reliance, Infosys, Bharti Airtel, ICICI Bank, ONGC and SBI were major draggers to the indices. Out of Sensex 30 stocks, only Sun Pharma and NTPC were trading in the green.

At 12.30 hrs IST, the Sensex was down 387.89 points or 3.86% at 9660.60, and the Nifty was down 109.75 points or 3.53% at 2998.90.

The market breadth was negative, about 1236 shares advanced, 1679 shares declined, and 165 shares were unchanged.

Top losers on the Sensex were ICICI Bank at Rs 350.10 down 9.11%, Jaiprakash Asso at Rs 82 down 8.43%, Sterlite Ind at Rs 344.55 down 7.86%, Reliance Infra at Rs 526.50 down 7.19% and TCS at Rs 535.50 down 6.9%.

Index heavyweight Reliance was trading at Rs 1,494.20 down 3.48% from its previous close of Rs 1,548.00.

Cigarette major ITC was trading at Rs 181.00 down 3.03% from its previous close of Rs 186.65.

Refinery major HPCL was trading at Rs 264.05 up 1.36% from its previous close of Rs 260.50.

The BSE midcap and smallcap indices were down 1% and 0.55% respectively.

Top losers on the BSE Midcap were Phoenix Mills at Rs 62 down 9.22%, Lanco Infratech at Rs 145 down 8.02% and Yes Bank at Rs 51.05 down 7.6%.

Euroepan markets were trading sharply lower. The FTSE went down 2% or 80 points, to 3,818. The CAC was down 80 points, to 2,759 and DAX fell 136 points, to 4,067.

On the next page - See how Indian markets performed in the last couple of hours