Bears continues to trade in the southward direction on fears of global recession and economic slowdown. Sensex and Nifty hit new lows of the year on account of heavy selling pressure seen in frontliners-Tata Motors, Reliance Industries.
Oil & gas, IT, metal, realty, auto and power stocks dragged the index down.
The wholesale price index (WPI) Inflation declined further to 11.44% for the week ended Oct. 4, 2008, as compared to 11.80% in the week before due to moderation in the prices of essential commodities and also on account of falling crude oil prices. Thanks to government`s fiscal and monetary measures which have helped to moderate the rising prices.
BSE Midcap and Smallcap index shed 4.67% and 5.45% respectively.
Indian stock market belled the day on a negative terrain after a fall of 5.87% on the previous working day. The 30-share index, BSE Sensex opened with a loss of 524.22 points, at 10,284.90 on Thursday.
Currently, the 30-share index Sensex is trading down 684.81 points, or 6.34%, at 10,124.31, after touching a high of 10,418.01 and a low of 10,017.80. Meanwhile the broad based Nifty is trading lower by 172.15 points, or 5.16%, at 3,166.25, after hitting a high of 3,333.85 and a low of 3,099.90. (12.59 p.m.)
Overall market breadth is extremely negative. Out of the total 2,460 stocks traded at BSE, 296 advanced, 2,114 declined while 50 remained unchanged.
Hindustan Unilever, which rose 1.73% was the only index gainer.
On the other hand, Tata Motors (11.70%), Hindalco Industries (11.65%), Reliance Industries (11.10%), Tata Consultancy Services (10.32%), Tata Power Company (10.31%), and Mahindra & Mahindra (9.71%) were the major losers in the Sensex.
