Market ends in red: Nifty futures widens to 50 pts

Mumbai: The markets closed in deep red tracking global peers. It was third biggest single day fall for Sensex in absolute terms. Sell off was seen in markets across the globe. European markets outperformed other markets. The fall was initiated by US markets due to months of worry about the mortgage and corporate lending markets.

Asian markets ended gloomy. Taiwan was the top loser closing with a loss of four per cent.

The market breadth was extremely weak on brisk turnover. Midcaps were not spared either and saw a huge sell off.

Real Estate, metal, cap goods, media were the worst hit. Sugar stocks did good for themselves. BSE Metal and realty index is down over four per cent followed by banking and capital goods index down over three per cent

Nifty Futures widened to 50 points.

The fall was initiated by cracks in US markets. Dow plunged 311.50 points, or 2.26 per cent, to 13,473.57, after falling 449.77 in earlier trading. The close was its worst since the 416.02 points it lost on Feb. 27.

The plunge was seen in US on concerns that higher corporate borrowing costs would curb the rapid pace of takeovers that had driven stocks higher this year. Investors also feared the sluggish environment for home sales and continued defaults in subprime loans would spur debt defaults and weigh on corporate earnings.

Sensex closed down 541.74 points or 3.4 per cent at 15,234.57 and Nifty closed down 174 points at 4445.

The BSE Midcap Index ended at 6,598.32 down 192 points or 2.8%.

The BSE Smallcap Index ended at 7,926.45 down 219 points or 2.7 per cent.

The BSE Bankex was down 3.2 per cent at 7,920.19. Canara Bank, Bank of Baroda, Oriental Bank, PNB, HDFC Bank moved downwards.

The BSE Capital Goods Index was down 3.8 per cent at 12,748.77. Alstom Projects, Gammon India, Astra Microwave, Jyoti Structure, BHEL, Reliance Infra closed lower.

The BSE Health Care Index was down 2.6 per cent at 3,691.36. Sterling Bio, Matrix Lab, Lupin, GlaxoSmithKline, Wockhardt closed lower.

The BSE Auto Index closed at 4,943.50 down 3 per cent. Ashok Leyland, Escorts, Tata Motors, Hind Motors, Hero Honda, Tube Investment closed higher.

The BSE Metal Index closed at 11,501.52 down 5.3 per cent. Tata Steel, Shree Precoated, Hind Zinc, Hindalco, SAIL

closed lower.

The BSE FMCG Index closed at 1,927.86 down 0.1 per cent. United Brewerie, Dabur India, HUL, United Spirits, Bata India

closed higher

BSE Oil and Gas Index closed at 8,015.75 down 3.7 per cent. ONGC, Reliance Natura, Petronet LNG, Reliance, HPCL ended in red.

The BSE IT Index lost 2.5 per cent at 4,876.34. Mphasis, Patni Computer, Financial Tech, HCL Tech, Satyam, Wipro closed lower.

The NSE cash turnover was at Rs 15450.73 crore and the NSE F&O turnover was at Rs 65777.96 crore. The BSE cash turnover was Rs 6596.79 crore. Total market wide turnover was at Rs 87825.48 crore.