The market started with a modest gap down today, almost flattish, but then, it kept on sliding through the day as pressure kept building up. Crude was one big worry today, says Udayan Mukherjee, managing editor, CNBC-TV18. Lot of worries about whether FII supply or demand might meet with lot of supply of paper, and of course, media reports doing the rounds on the UP election results next week and whether they might not turn out to be as benign for the market as was originally anticipated, affected trade intra-day today. A combination of these factors and global weakness saw the market tank quite a bit in the second half.
Sesa Goa was the biggest loser, down 10% post the merger deal announcement. Metal stocks got hammered today - SAIL, Hindalco, JSPL, and Tata Steel all of them had a really rough ride.Autos corrected led by Hero MotoCorp. Tata Motors and Maruti were down as well and the Bank Nifty once again faltered. Axis Bank, Punjab National Bank, ICICI and State Bank of India were all down quite a bit.
Even the capital goods space stocks like BHEL, L&T and JP Associates were down and Reliance had a bad day, so that didn
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
