Recovery started since October 27th was halted today as equity markets retreated sharply after opening higher and ended deep in the red. The 30-stock Sensex of the BSE resumed with gains of 300 points in early trades and touched an intra-day high of 10,945. However it could not hold on to the gains and drifted into the negative territory.  The Sensex ended the day with a loss of 511.11 points, or 4.81% at 10,120.01 after touching a high of 10,945.41 and a low of 10,051.52. The broad-based NSE Nifty fell 147.15 points, or 4.68% at 2,994.95 after hitting a high of 3,240.55 and a low of 2,971.00. Index heavyweight Reliance plummeted by nearly 13%, becoming the top loser in sensex followed by Tata Steel, which fell 10% in todays trade. Steel giant Arcelor-Mittal said that it is going to cut production in US and Europe and will reduce supplies to Asia and Africa due to lower steel prices. Bears pulled the market sharply lower in late trade snapping last five sessions of bull dominance.

Barring Healthcare index, which closed with a gain of 1.2%, all the BSE sectoral indices finished in red. Oil & Gas and Metal indices took the sharpest knock, falling 9.4% and 6.9% respectively. Wipro and Satyam were the top sensex gainers, up 2.7% and 0.3% respectively.

 

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