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Markets fall sharply. Metals, Banks sink.

Markets witnessed a sharp fall during Monday’s trade, with the indices losing around 3%. The correction was heavily seen in stocks from the metals, banking, capital goods and real estate counters.

The Nifty managed to close at 5271, down by 158 pts or 3%. The Sensex closed down by 477.82 points or -2.67%, to end the trade at 17,445.75

Analysts were predicting that a correction would set in after the sharp rally seen during the past 2 weeks. However markets have taken everyone to surprise, by bringing in the correction in such a sharp manner. Stocks from the metal space were down by a significant amount. Selling was seen across the sectors.

Sesagoa, the stock in news, after its planned merger with the Sterlite industries by its parent company Vedanta, has seen a massive cut of 10% in the trade. Sterlite however managed to close 2% lower.

Other metal stocks have also closed in the red. Hindalco is down by 5.5%. Tata steel was also down by 5.4%. Jindal steel saw a cut of 5.3%, while JSW Steel was down by over 6%. SAIL was down by 7%.

The Bank Nifty index closed down by 4%. ICICI Bank was the major loser with over 4% cuts. SBI lost 3.5% to close at 2129. PNB lost 6.3%.

Reliance Capital, from the financial space, plummeted down by 8%. Auto major Hero motors (HEROMOTOCO), closed down by 7%.

Capital goods stocks were also witnessing hammering. Punj lloyd was beaten 5%, while LT was down by 3.6%. JPAssociates lost 5.2%.

Unitech was cut by 6.3%. HDIL also lost 7% to close the trade.

It becomes interesting to see which way the markets would turn tomorrow, in the wake of today’s heavy cuts.


 

 

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