Nifty drifts below 4,700, RIL, ICICI Bank drag

Markets have collapsed further with the Sensex and the Nifty breaking 15,700 mark and 4,700 levels, respectively. Index heavyweights like Reliance Industries, ICICI Bank, SBI, L&T and HDFC Bank are leading the downfall.

By 1300 hrs, the Sensex was down 133 points at 15,741 and the Nifty slumped 47 points to 4,703.

Asian markets like Hang Seng, Kospi and SGX Nifty are down by nearly 1% each. Nikket, Strait Times and Taiwan are trading marginally lower.

Back home, heavyweights like Reliance Industries has dropped by 2% at Rs 740. ICICI Bank has declined 3% at Rs 699. SBI has plunged 2% at Rs 1,610. HDFC Bank has dropped 1% to Rs 434.

On the sectoral front, BSE bankex, metal and realty indices have plunged by almost 2% each. Apart from power, all the major BSE sectoral indices are trading in red zone.

In the metal space, Jindal Steel is the top Sensex losers, down 5%. Sterlite, Hindalco and Tata Steel have fallen between 1-4%.

DLF has crashed 1.39% from the realty space. Amongst other real estate shares, Anant Raj Inds, DB Realty, DLF, HDIL, Indiabulls Real Estate, Mahindra Lifespace, Phoenix Mills, Sobha Developers and Unitech have crumbled between 0.1-4%.

Amongst Technology pack, TCS and Wipro have submerged between 1-2%.

FMGC majors like HUL and ITC have faflen by nearly 1% each.

However, Tata Power and NTPC have moved up 2% each.

In the broader market, the mid-cap and small-cap indices maintain the weak trend. Both the indices are down 1% each.

GTL Group shares - GTL and GTL Infrastructure -- have rallied on the bourses after the two companies said that their board will meet on December 29 to consider corporate debt restructuring.

Adani Power has touched a new low as the company has put capacity expansion plan on hold.

The overall breadth remains negative.