Markets slump on global cues

Markets exhibited weakness throughout the day on negative cues from Asian and European markets. Weakness in banking stocks, along with metal and realty saw the markets extend losses in late noon trades. The Sensex today touched a low of 17,466, and finally ended at 17,534 - down 240 points.

The Nifty ended with a loss of 77 points at 5,256.

Asian markets tumbled as investors grew nervous over the funding situation of banks about to repay 442 billion euros ($545.5 billion) to the European Central Bank. Shanghai Composite plunged 4.2% to 2,427. Hang Seng slumped 2.4% to 20,209.

European indices too dropped. CAC was down 2.6%, DAX and FTSE declined around 2% each.

All the sectoral indices were in the red today. Metal index slumped 2.7% to 14,635. Realty, bankex, power and oil indices were down over 1% each.

Hindalco slumped 4.3% to Rs 144. Tata Steel shed 3.7% to Rs 482. Jindal Steel declined 2.6% to Rs 621. Sterlite was down 1.4% to Rs 168.

Reliance Communications dropped 3.8% to Rs 194. Reliance Infrastructure slipped 2.8% to Rs 1,180.

Index heavyweights- Reliance and ICICI Bank contributed most to the markets fall. ICICI Bank slumped 2.2% to Rs 849.Reliance was down 2% at Rs 1,067.

Jaiprakash Associates, HDFC Bank and Tata Motors were down 2.5% each. Tata Power slipped 2.2% at Rs 1,302.

HDFC, Cipla, DLF, BHEL and Hindustan Unilever were the other main losers.

SBI today fixed its benchmark lending rate at 7.5 per cent following a Reserve Bank directive, a move that will end the practice of sub-prime loan to corporates. The stock moved down 0.5% at Rs 2,290.

BSE market breadth turned negative towards the later part of the trading day. Out of 2,989 stocks traded, 1,728 declined while 1,129 advanced.

VALUE TOPPERS..

HPCL topped the value chart with a turnover of Rs 145.97 cr, followed by Aban Offshore (Rs 136.47 cr), SBI (Rs 95.73 cr), Tata Steel (Rs 86.89 cr) and BPCL (Rs 75.64 cr).

The volume chart was led by Sanraa Media with trades of 41.6 million shares, followed by FCS Software (23.9 million), RNRL (9.17 million) and NHPC (6.64 million).