Sensex slumps 334pts; Debutants disappoint

The Sensex opened with a positive gap of 48 points at 9858. The index could barely move a point higher to touch a high of 9859 before slipping in negative zone.

The index tried hard to recover in mid-noon deals but could not succeed as unabated selling in the market dragged the index to lower levels. Heavy selling towards the close saw the index tumble to a low of 9428 - down 431 points from the day's high.

The Sensex finally settled with a loss of 334 points at 9476.

The Metal index plunged 4.8% to 7130. The Bankex and FMCG index shed nearly 4% each to 4249 and 1688, respectively.

INDEX MOVERS & SHAKERS

Bajaj Auto, BHEL and HDFC plunged 7% each to Rs 2,305, Rs 1,744 and Rs 1,125, respectively.

Tata Steel and Reliance Communication Ventures (RCoVL) slumped 6.5% each to Rs 427 and Rs 207, respectively. Grasim and Hero Honda tumbled over 6% each to Rs 1,666 and Rs 707, respectively.

HLL shed 5.4% to Rs 197. ACC and ICICI Bank dropped 5% each to Rs 716 and Rs 475, respectively.

Hindalco (Rs 153), Tata Motors (Rs 727), ITC (Rs 154) and Bharti Airtel (Rs 324) declined around 4% each.

SBI and Wipro were down 3.4% each at Rs 745 and Rs 422, respectively.

Dr.Reddy's was the sole gainer among the index stocks, up 0.8% at Rs 1,225.

The market breadth was fairly negative - out of 2,425 stocks traded, 1,598 declined, 774 advanced and 53 were unmoved today.

DEBUTANTS DISAPPOINT

Deccan Aviation was listed today. The stock opened at its issue price of Rs 148 but soon spiralled lower. The stock touched a low of Rs 97 and then closed at Rs 99 - a discount of 33% (Rs 49) to its issue price.

Unity Infrastructure was the other stock to be listed today. The stock opened at Rs 650 compared to its issue price of Rs 675. Sustained selling at the counter saw the stock tumble to a low of Rs 462, before ending at Rs 472 - down 30% (Rs 203) to its issue price.

VALUE & VOLUME TOPPERS

Reliance topped the value chart with a turnover of Rs 270 crore followed by Hindustan Zinc (Rs 104 crore), Tata Steel (Rs 99.50 crore), Mahindra Gesco (Rs 86.66 crore) and Unity Infrastructure (Rs 81 crore).

G V Films led the volume chart with trades of around 66.77 lakh shares followed by Deccan Aviation (43.70 lakh), Himachal (34 lakh), Ashok Leyland (32.47 lakh) and Reliance (30 lakh).