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Market does a U-turn. Sensex loses 250 points

Markets have shown a sharp decline in the late one hour of trade and has sunk suddenly losing across the Sectors. Many of the sectoral indices have fallen below the 50 day moving average.

Earlier during the day, the indices had opened over 1% higher and had maintained good gains in most of the stocks till late afternoon.

The Nifty has fallen 73 points at 6228 – down by 1.2%, while the Sensex has fallen 225 points at 20916.

The Bank Nifty has lost over 2% and is trading below its 50 day moving average.

PNB has lost over 3% and is trading at 618. The stock had seen a high of 645. Canara Bank is down by 4%. Andhra Bank is down by 1.2% and so is Dena Bank.

ICICI Bank is down by 1.9%, while SBI is down by 1%. Axis Bank is down by 1.2%.

Coal India and BHEL have lost over 3% each. LT is down by 3%. Bharti Airtel has lost 2%.



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