Tech, banks, oil & gas push Sensex down 200 pts

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The benchmark Sensex shed about 200 points in the morning trade on the back of gloomy picture across the globe post US House Speaker John Boehner revised his plan to raise the US debt ceiling on Republicans support but Democratic Party was against it.
 
The 50-share NSE Nifty lost 69 points to 5,478 on the back of fall in 46 shares and the 30-share BSE Sensex tumbled 215 points to 18,217.

"The market is likely to fall and test the lower end again, as reforms from the government's side would be incapable in offsetting the losses caused from RBI's steeper-than-expected policy rate tightening," Nitin Rakesh, CEO, Motilal Oswal Asset Management Company said.

He expects the Nifty to remain range-bound between 5,300-5,700 levels in the best case scenario as global headwinds like rising interest rates and inflation will continue to act as a dampener on investor sentiment.     

All sectoral indices were in the red barring FMCG. The BSE Metal, IT, Oil & Gas, TECk, Bank, Power, Auto, Capital Goods and Realty indices slipped 1-2%.

Heavyweights Reliance Industries (trading below Rs 850 a share) and NTPC plunged over 2%. Infosys, TCS, Wipro, SBI, HDFC Bank, L&T and HDFC were down 1.5-2.5%.

However, ITC and HUL gained ahead of their quarterly numbers. BHEL rose 0.5% on short covering as it had lost over 8% in previous two days.

Maruti Suzuki continued its run up today as well, with rising 0.5%.

New listing - Bharatiya Global was trading at Rs 63.80, down 22.2% from issue price of Rs 82 a share.

Midcaps like Kansai Nerolac, Madras Cements, Aventis Pharma, Fresenius Kabi and Indraprastha Gas were up 3-7% while SKS Microfinance, Shoppers Stop, Aurobindo Pharma, BGR Energy and Arvind lost 4-6%.