Nifty drifts below 4,700, Re hits all time low

Markets have collapsed further with Sensex and Nifty slipping below 15,600 and 4,700 levels respectively. Weak global markets and Rupee hitting all time low have weighed over the local markets.

By 1120 Sensex was down 260 points at 15,622 and the 50-share Nifty was down 81 points at 4,682.

The Rupee has breached the 54 mark to open at 54.20 vs dollar, which is all time low. The rupee closed at 53.71 yesterday.

On the global front, US stocks fell for a third day and hit their lowest level in two weeks on Wednesday as widespread risk aversion sent commodity prices tumbling, drove the euro to its lowest in a year and forced Italy to pay a euro-era high to sell debt.

Rise in Italy's borrowing costs sent the S&P 500 lower for a 3rd session, closing more than 1% down in the red. The Dow and Nasdaq lost 1.5%.

European equities fell almost 3% on Wednesday as the Euro dropped to an 11-month low of 1.29 vs dollar, post depressing Italian bond auction.

Asian markets are trading in red. The Kospi, Hang Seng, Nikkei are down between 1-2%. Purchasing Managers' Index (PMI) numbers is to be released out of China which is expected to come weak.

Back home, BSE Capital Goods, Metal and Consumer Durable indices are leading the downslide, all stumbling by nearly 3% each.

L&T and BHEL are down 3% in the Capital Goods space.

Bharti Airtel is the top dragger among the Sensex 30 stocks, sloping down by 4% at Rs 334.

Amongst Metal segment, Hindalco, and Sterlite Industries are the main losers, down 3.5%.

Amongst Consumer Durable sector, Bajaj Electronics, Rajesh Exports, Titan Inds, TTK Prestige, VIP Inds and Whirlpool have dropped between 1-5%.

Maruti Suzuki, Hero MotoCorp and Tata Motors have fallen between 2-3%.

ADAG stocks like Rel Infra, Rel Power, RCom and Rel Capital are trading at 52-week lows, while Reliance Power has touched a new all-time low on the BSE. “A lawyer representing UK's financial sector regulator has named Anil Ambani owner of ‘illegal’ Mauritius-based investment vehicle Pleuri, which invests in Indian stocks," reports suggests.

However, only HDFC, HUL, Sun Pharma, Tata Power and Cipla outperformed other largecaps, rising 0.6-1%.

BPCL has zoomed post sharp fall in crude oil prices yesterday; it has gained 3.5%.

The broader indices have been battered more as compared to benchmarks – BSE Midcap and Smallcap indices are down 2% each.

The market breadth has weakened further with 448 advancing and 1698 shares declining.