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Sensex drops 250 points to reach 16,590.34; IT and Bankex major losers

IndiaNotes Team | 18 Aug, 2011  | Follow Author | Add to my Favourites 

Mid-day Market Round-up
The Sensex opened in green and went on to fall by over 250 points on the back of intense selling pressure. At 1:20 p.m., it was at 16,590.34, down by 1.49%. The Nifty also declined by 77.15 points or 1.53% to 4979.45.

Barring Realty (0.21) and FMCG (0.11), which posted marginal gains, all sectoral indices traded in red. IT (-3.59%), Bankex (-2.77%) and Teck (-2.59%) were the largest contributors to the fall.

Gainers and losers
After yesterday’s dismal performance, DLF emerged as the top gainer on both indices, rising 5.31% on the Nifty and 4.39% on the Sensex. Hindustan Unilever (1.09%) was the only other company to gain over 1% on the 30-share index. Reliance communication (1.86%), Hindustan Unilever (1.03%), ACC (0.91%) and Hero MotoCorp (0.82%) were the other top gainers on the 50 share index.

ICICI Bank (-4.43%), Wipro (-3.56%), Hindalco (-3.55%), Jindal Steel, TCS (-3.38%), Infosys (-3.35%) and Sterlite Industries (-3.09%) dragged the Sensex down, while HCL Technologies (-5.72%), Axis Bank (-5.21%), ICICI Bank (-4.40%), Punjab National Bank (-3.92%) and Reliance Infrastructure (-3.80%) did so on the Nifty.

Midcap and Smallcap
The BSE Smallcap index plunged 1.60% or 117.65 points to 7,222.85. The BSE Midcap index was at 6,247.47, down 94.34 points or 1.49%.

The market breadth was negative overall with 677 advances compared to 1977 declines.

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Aonestock In on Sep 05 2011 said:
THIS is what we have been saying since many years. India is in a 10 year secular bull market which will
last up to 2018. Geopolitical issue will halt the rally temporarily just like an accident on a speeding
highway. We have been following the greatest principle of MR BUFFET since last 26 years in our investing



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