Nifty flat, mayhem in midcaps; Core Education down 36%

Moneycontrol Bureau

Serious damages have begun to unfold in the broader markets, serving as a grim reminder to bloody Tuesday and threatening to spill over to largecaps. At 10.36 AM, the Sensex was down 2.61 points at 19012.53, and the Nifty fell 6.30 points to 5755.05.

The first hour of trade looked promising as global cues were positive. US stocks had rebounded from their worst decline in last 3 months on Fed chairman's comments defending bond-buying stimulus. New home sales in US too hit a 4 1/2-year high.

But the momentum seen in the first trades ceased after an hour and the midcaps crashed half a percent. Core Education resumed its terrble journey downwards and fell 36 percent. other losers include Opto Circuit, ABG Shipyard, Educomp Sol, and Jain Irrigation; all these stocks were down between 7 and 10 percent.