Markets end in deep red

Itwas an extremely weak session for equity markets across the globe. Joining the bandwagon were the Indian markets which closed near the lowest point of the day. There was no outperformance by Indian markets and the fall was inline with rest of the Asia. It was the fourth largest single day point fall for Sensex.

The European markets have opened in red CAC was down 1.7%, FTSE down 1.6% and DAX down 1.4%.

Even the midcaps and smallcaps took it on their chin today. It was large scale equity sell off across markets and sectors.

The worst hit index is bankex which has seen a sharp run up in the past few sessions followed by metal, capital goods and power. The sector that is least hit is the IT index on hopes that rupee may not appreciate further against the dollar. The rupee was trading weak at 39.385 against the dollar.

The breadth was extremely negative with eight declines for every one advance.

ICICI Bank, HDFC Bank, Maruti, NTPC, L&T, Hindalco, BHEL, GAIL, HPCL, Tata Power were among the top fronline laggards

market momentum stocks saw good correction for instance Chambal Fetilisers, Triveni Eng and Essar Oil and Gujarat Narmada, WWIL, Nirma.

Crude saw an all time high of USD 99.20 and is currently USD 98.93 eyeing the USD 100 mark.

On the primary market front, Religare Enterprises got listed on the bourses today at Rs 324 versus its issue price of Rs 185.