Mkts plummet; Realty, Metal, Telecom, Oil, IT stks down

The market is witnessing huge selling pressure. Realty, metal, telecom, oil, technology and auto stocks are under pressure. Midcap and small cap stocks are also down. The Nifty is struggling at 3100 mark. Global cues are putting pressure on our markets as well.

The Sensex plunged 442 points to 10,241 and the Nifty fell 152 points to 3,082, at 12:22 pm. The BSE Midcap Index lost 2% and the Small Cap Index fell 1.5%.

Market breadh is in favour of advances; about 1016 shares have advanced while 1945 shares have declined. Nearly 229 shares are unchanged.

Among the frontliners, HCL Tech, Idea Cellular and Cairn India fell 10-11%. TCS, Reliance Communication, Tata Steel, M&M, Bharti Airtel, Sterlite Industries, NALCO, BPCL and Unitech tumbled 7-9%.

However, gainers are ITC and HUL.

BSE Realty, Metal, TECK, Oil & Gas and IT indices tumbled 4.5-5.5%. Auto, Capital Goods, Power, Bankex and Healthcare indices fell 3-4%.

Prime Minister Manmohan Singh said the short-term outlook on Indian economy seems to be 'cloudy'. However, Singh is confident that economy can sustain it's growth momentum in medium-term.

The Sebi has re-affirmed its disapproval to overseas lending and borrowing by FII’s (foreign institutional investors) reports CNBC-TV18 quoting sources. The Sebi has asked FIIs not to take fresh overseas lending and borrowing positions.

The Sebi had met top P-note issuing FIIs earlier today. Some P-note issuers have already stopped overseas lending and borrowing.

On the global front, European markets have opened lower. FTSE fell 64 points. CAC and DAX lost 100 points and 122 points, respectively.

Among the Asian markets, Hang Seng, Nikkei, Kospi, Straits Times and Jakarta slipped 4-7%. Shanghai fell nearly 3% and Taiwan lost 1.6%.