Nifty breaks 5,000, realty cracks 3%

Markets have collapsed further with Sensex and Nifty breaking 16,600 and 5,000 levels respectively. By 1130 hrs, the Sensex remained at 16,575 sloping down by 302 points, and the broader Nifty index remained at 4,964 sinking by 99 points.

Markets made a subdued opening tracking weak Asian cues. Globally, Asian markets maintain the dismal movement with Shanghai Composite, Hang Seng, Nikkei, Straits Times and Seoul Composite shedding between 1-2%.  All eyes are on the Euro Summit to be held on Friday.

Meanwhile, US markets closed mixed yesterday with Dow gaining by 46 points and Nasdaq closing on a flattish note.

Back home, Index heavyweights like RIL, Infosys, Sterlite, DLF, JP Associates, Bharti Airtel, Coal India, L&T, SBI and Hindalco remain under seller's radar.

On the sectoral front, BSE Realty index is leading the downslide, crumbling down by nearly 3%. DB Realty, DLF, HDIL and Unitech are the main laggards in the Real Estate space.

Metal segment too are reeling under selling spell, melting down by 2.46%. Coal India, Hindalco, Sterlite and Tata Steel have crashed between 3-4%.

Midcaps and Smallcaps too have come under pressure, both dropping by almost 1% each. Major laggards in the Midcap space include SRF, Kwality Dairy, Jain Irrigation, State Bnk My, Pantaloon Retail, Tuni Textile, Fineotex Chem, IVRCL Assets, Gandhimathi App and Sabero Organics.

The market breadth remains marginally weak with 650 shares advancing and 1,539 shares declining.