The Sensex is down almost 10% at 17,228 - down 1,786 points.Updated at 1430 hrsThe Sensex continues to slide on the back of unabated selling by FIIs. The index is now down 1550 points at 17,464."There has been risk aversion among FIIs on the back of spreading credit crunch in US. Concerns of a recession in world's largest economy has led to a selling spree among FIIs", said an analyst who did not wish to be named. Mukul Gupta, CEO, Birla Sunlife Mutual Fund said, "Though a correction was expected, how deeper it would be was not known. Fundamentals of Indian economy are still intact.The main losers in this crash are momentum stocks. We will have to wait and watch for few more day to gauge the market movement from now onwards."ACC has slumped 14.5% to Rs 740, and NTPC has tumbled 13.5% to Rs 207.Reliance Communications and BHEL have plunged over 13% each to Rs 608 and Rs 2,002, respectively.Tata Motors and DLF have shed 9.5% each to Rs 645 and Rs 911, respectively.Hindalco, Tata Steel and Mahindra & Mahindra have slipped 9% each to Rs 168, Rs 711 and Rs 663, respectively.ONGC and Reliance Energy have dropped over 8% each to Rs 1,110 and Rs 1,950, respectively. ICICI Bank has shed 7.8% at Rs 1,148.Out of 2,776 stocks traded so far, 2,625 have declined, 135 have advanced and 16 are unchanged.
