NEW DELHI: The S&P BSE Sensex plunged over 300 points in trade on Tuesday following muted trend in Asian markets.The 50-share Nifty index was testing its crucial psychological level of 7900.The losses on the benchmark indices were led by heavy selling in stocks of index heavyweights such as HDFC, HDFC Bank, L&T, ITC and Axisn Bank.

The overall market breadth was negative, with seven out of every 10 BSE stocks quoting with a negative bias.The S&P BSE Midcap Index was down 0.64 per cent and BSE S&P Smallcap Index edged lower by 0.25 per cent.

The S&P BSE IT index was the top sectoral gainer, up 1.13 per cent. Rolta, Tata Elxsi contributed most to the gains.
Banking stocks took a heavy beating during trade today, falling upto xx per cent. The S&P BSE Bankex index was the top sectoral loser, down 1.64 per cent.

On the global front, major Asian markets were trading in the neagtive territory. China’s Shanghai Composite pared its intraday losses and was down over 1 per cent. Japan’s Nikkei lost nearly 2.5 per cent, while Hong Kong’s Hang Seng shed about 0.5 per cent.
Rupee appreciated 9 paise to 66.39 against dollar in trade on Tuesday. The domestic currency had closed 34 paise lower at a one-week low of 66.48 against the US dollar on Monday.

Source : http://economictimes.indiatimes.com/markets/stocks/news/sensex-down-over-300-points-nifty-tests-7900-jp-associates-down-4/articleshow/48753065.cms

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