Recovery too mild to put balm on carnage, Nifty down 150pts

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At 1:09 hours IST, sell-off continued on the Indian equity benchmarks. However, there was some semblance of recovery in afternoon trade. The Sensex recouped more than 150 points from the day's low.
The 30-share BSE Sensex was trading at 17,173, down 521 points and the 50-share NSE Nifty tumbled 160 points to 5,171.


All sectoral indices were in the red with only four stocks in the green—ONGC, BPCL, Cipla and IDFC.
European markets like Germany's DAX and Britain's FTSE fell over 3%. France's CAC lost just 1.65%.
However, Arjuna Mahendran of HSBC Private Bank feels that the market could see some dead cat bounce if the unemployment data makes it happy.
At 12:44 hours IST: Europe sees 2.5-3.5% cut, carnage on Sensex continues
European markets opened with 2.5-3.5% gap down after acute mayhem in the world largest economy—US' equity markets yesterday.
The 30-share BSE was trading at 17,101. It was down 591 points despite a recovery of over 70 points from the day's low. The 50-share NSE Nifty fell 180 points to 5,151.
Gautam Shah of JM Financial says the pain is likely to continue and market will bleed more. "We are working with about 16,000 on the Sensex which happens to be an important retracement level from a long-term perspective, hence, another 10-12% cut is likely," he says.
Crude oil fell to USD 84 a barrel on the NYMEX and Brent crude dipped to USD 105 a barrel.
At 12:21 hours IST: Bears on rampage: Sensex tests 17,000 mark
The butchery on the street continues on the back of heavy sell-off. It seemed that this could possibly be due to panic selling. The 30-share BSE Sensex touched the lows of 17,000-mark and then managed to rise to 17,030.
The 30-share BSE Sensex was trading at 17,030, down 662 points and the 50-share NSE Nifty fell 203 points to 5129.
Market breadth was completely in favour of losers; about 26 shares were declining for every one share gaining.
At 12:10 hours IST: Bears haunted: Sensex cracks over 600 pts
The 30-share BSE Sensex cracked 608 points to 17,086 and the 50-share NSE Nifty plunged 185 points to 5,145.
About 22 shares fell for every one share that gained on the National Stock Exchange.
Among sectors, the BSE IT, Realty and Metal indices were down 4-5%. Auto, Power, Capital Goods, Bank, FMCG and Oil & Gas indices fell 2-3%.
At 11:59 hours IST: It's mayhem: Nifty at 52-week low; IT hit hard
Benchmark NSE Nifty tumbled 167 points to 5,164 and the BSE Sensex lost 550 points to 17,142. Market breadth deteriorated further; about 21 shares declined for every one share gained.
The Nifty has touched a 52-week low today led by sell-off in 49 stocks. Heavyweights Reliance Industries, ITC, ICICI Bank, Bharti Airtel and SBI were down 2-3.5%.
Technology stocks were under extreme selling pressure. TCS and Infosys lost more than 5.5% on fears of US recession. Wipro lost nearly 4%.
At 11:49 hours IST: Sensex loses 570 pts; all sectoral indices in red
The 30-share BSE Sensex lost 572 points to 17,120 and the 50-share NSE Nifty fell 172 points to 5,159 on the back of mayhem in global markets. All sectoral indices were on sellers' radar.
About 19 shares were falling for every one share gaining on the National Stock Exchange.
Asian markets were under extreme pressure, falling 2-5.5%. The US markets had closed down 4-5% yesterday.
Mark Matthews of Julius Baer feels the next few days will be critical for global markets. The US markets plunged sharply, with the Dow down more than 500 points, in its worst one-day drop since December 2008. "There could be further global correction due to sentiment damage," Matthews said.
At 11:41 hours IST: Sensex nosedives 550 pts; Nifty at 52-week low
The 30-share BSE Sensex nosedived further on the back of panic selling, falling over 553 points to 17,140. The 50-share NSE Nifty has hit 52-week low, losing 168 points to 5,163.
Heavyweights TCS, Reliance Industries, Infosys, Bharti Airtel, ICICI Bank, ITC, L&T and SBI crashed 2-6%. Sterlite Industries was the biggest loser, falling over 7%.
About 1242 shares declined as against 76 shares declined on the National Stock Exchange.
At 11:24 hours IST: Sensex tanks 445 pts; ONGC, BPCL in green
Benchmark Sensex maintained a loss of more than 400 points led by sell-off across the globe. All sectoral indices were under selling pressure. However, only ONGC and BPCL were in the green.
The BSE benchmark Sensex fell 445 points to 17,247 and the NSE benchmark Nifty tanked 136 points to 5,195. Top losers were Sterlite Industries, Reliance Infrastructure, Jaiprakash Associates, M&M, TCS and HCL Tech, which lost 5-7% each.
Midcaps like Gujarat NRE Coke, Jubilant Foodworks, Delta Corp, Sujana Towers and BF Utilities lost 6-11%.