At 15:19 IST, the S&P BSE Sensex dropped 527.28 points or 2.74% to 18,718.42
All 13 sectoral indices on BSE edged lower. The BSE Healthcare index outperformed the Sensex, falling 0.71% to 8675.94
The BSE Auto index outperformed the Sensex, falling 1.44% to 10,646.88.
The BSE FMCG index outperformed the Sensex, falling 1.86% to 6,481.75
The BSE Consumer Durables index outperformed the Sensex, falling 2.15% to 6,572.08.
The BSE IT index outperformed the Sensex, falling 2.21% to 5,922.37.
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The BSE TECk index outperformed the Sensex, falling 2.35% to 3,535.47.
The BSE PSU index outperformed the Sensex, falling 2.73% to 6,076.52.
The BSE Capital Goods index underperformed the Sensex, falling 2.99% to 9,059.84.
The BSE Oil & Gas index underperformed the Sensex, falling 3.2% to 8,323.50.
The BSE Power index underperformed the Sensex, falling 3.32% to 1,585.44.
The BSE Bankex underperformed the Sensex, falling 3.92% to 13,023.17.
The BSE Metal index underperformed the Sensex, falling 4.49% to 7,728.39.
The BSE Realty index underperformed the Sensex, falling 5.12% to 1,527.10.
The BSE Mid-Cap index was down 1.87% to 6,119.03 and the BSE Small-Cap index was down 1.73% to 5,737.49. Both these indices outperformed the Sensex.
Markets across the globe saw a meltdown after US Federal Reserve Chairman Ben Bernanke said the central bank may reduce bond purchases later this year should the US economy strengthen.
Bernanke said yesterday the central bank may start dialing down its unprecedented bond-buying program this year and end it entirely in mid-2014 if the economy finally achieves the sustainable growth the Fed has sought since the recession ended in 2009. In its announcement, the Federal Reserve after a two day policy meeting on Wednesday said it would continue to purchase $85 billion in bond purchases each month, but noted that the outlook for the economy and the labor market has improved since the fall. The Federal Open Market Committee (FOMC) reiterated that it was ready to hike or cut the pace of its asset buys, depending on the labor market and inflation.
Meanwhile, activity in China's vast manufacturing sector weakened further in June to a 9-month low as new orders faltered, a preliminary survey of purchasing managers showed on Thursday, reinforcing signs of tepid economic growth in the second quarter. The flash HSBC Purchasing Managers' Index fell to 48.3 in June from May's final reading of 49.2, drifting further away from the 50-point level demarcating expansion from contraction. It was the weakest level since September 2012.
Back home, data showing that foreign funds remained net sellers of Indian stocks on Wednesday, 19 June 2013, also affected market investor sentiment adversely. Foreign institutional investors (FIIs) sold shares worth a net Rs 544.97 crore on Wednesday, 19 June 2013, as per provisional data from the stock exchanges.
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