Sensex falls 3.24% or 476.05 points to 14,202.18
We are taken by yesterday's blunders
To wherever tomorrow may lead
How much more one wonders
Can the markets bleed?
The markets bled on Thursday as Wednesday's attempt to break a losing streak was viciously struck down by the bears.
The Sensex dropped 476.05 points or 3.24% to end at 14,202.18 while the Nifty plunged by 131.90 points or 2.99% to end at 4283.85.
There was no question about how the markets might end up since the fall started from the word go, and continued till the closing bell tolled an end to the day's ravaging.
Among the top losers in the sectoral indices were the Bankex and the Realty indices. They plummeted by 5.16% and 5.05%, respectively.
Among banking stocks, SBI lost Rs.102.60 or 7.10% to end with a last traded price of Rs 1,342.25.
HDFC Bank and ICICI followed close behind losing 5.82% and 5.19%, respectively, to end at Rs 1,165.80 and Rs 643.10.
Realty shares were pushed down ferociously: DLF, India Bulls and Unitech all lost between 5.35% and 7.36%.
European markets saw a bad day as well with equities losing ground in Germany, France and the UK.
Asia was beaten down as well with the Shanghai Composite, Nikkei and other all falling prey to gravity.
US showed a contrarian trend with the Dow Jones as well as the Nasdaq ending marginally up with a 0.61% and 0.20% gain.
Ajay Parmar, head of research at Emkay feels that there might not be a significant downside if inflation remains within expected limits, "The markets have already factored in something in the range of 12.54%."
He expects the inflation numbers and the meeting in Vienna where the US is expected to try and push through the Nuclear
deal to act as the main triggers in the near-term.
The market might see an upside if these two go as people hope.
Alex Mathew,of Geojit Securities said, "Rate sensitive sectors may be adversly affected if RBI decides to implement stricter measures."
Perhaps why sectors such as banking have been hammered as they were on Thursday's trade.
