A bad start to European markets and US index futures pulled the benchmark Sensex down by 300 points. About four shares were declining for every one share advancing on the National Stock Exchange.
European markets like Germany's DAX and Britain's FTSE were down 5-6% each. France's CAC fell over 4.5%. Dow Jones and NASDAQ futures wiped out all gains.
The 30-share BSE Sensex dropped 335 points to 16,654 and the 50-share NSE Nifty lost 98 points to 5,020 led by fall in technology, private banks, pharma, ADAG and infrastructure stocks.
SBI, Inventure Growth, Tata Steel, L&T, ICICI Bank, Reliance Industries and Infosys were the most active shares on exchanges.
Midcaps like Marico, Financial Tech, India Securities, Sadbhav Engg and EIH rallied 3-4.5%. However, Gujarat NRE Coke plunged 11%. Persistent, Areva T&D, Jindal Saw and BF Utilities lost 6-7%.
About 793 shares advanced as against 1985 shares declined on the BSE.
At 13:42 hours IST: Nifty goes below 5100; Europe sell-off extends
The Sensex shed about 125 points as fall in the European markets widened. Nifty too caved in under pressure and had released the 5100-mark. Experts believe the downside was capped as Indian markets have discounted all negative cues.
European markets like France's CAC, Germany's DAX and Britain's FTSE were down between 2% and 3%. Dow Futures, which gained 300 points an hour back, were losing rapidly. All global markets are extremely volatile ahead of FOMC meet.
The 30-share BSE Sensex fell 127 points to 16,861 and the 50-share NSE Nifty lost 36 points to 5,082.
Largecaps like TCS, Wipro and Infosys were down 3-4%. Reliance Industries and L&T fell 1.5%.
However, ITC, DLF and BHEL gained 2%. SBI, ONGC and HDFC were up over 0.5%.
At 12:14 hours IST: Sensex shatters relief myth, slips 100 points
After a brief rally post Europe opening, markets appear totally directionless. Sensex slipped 100 points and Europe indices lost 1-1.5% as nervous investors resorted to selling. Experts believe markets are awaiting the outcome of the FOMC meet, scheduled to be held today.
According to Robert Parker, Credit Suisse, the problem actually lies in Europe, where investors fear a contagion risk. Sustainability of Spanish and Italian debts have added to their fears.
The 30-share BSE Sensex was down 167 points at 16,823 and the 50-share NSE Nifty was down 48 points at 5,069.
Technology, Anil Dhirubhai Ambani Group stocks, pharma and select infrastructure stocks were under selling pressure. Heavyweight Reliance Industries too fell 1.5%.
Banks, which turned green few minutes back, have also slipped into the red.
At 12:45 hours IST: Glad to be alive: Sensex in green after 5 days, up 100 pts
Indian equity benchmarks lapped up the good news from Europe and wasted no time in turning green