Unnerved by global developments, particularly tumbling oil prices, the Indian stock markets are in a swathe of red with the stocks in the BSE Sensex and NSE Nifty posting huge losses in the morning trade today.
The impact of the negative sentiment is such that of the 50 Nifty stocks, only two - BPCL and HUL - have managed to stay afloat with the rest of the 48 index constituent stocks trading in the red.
Sell-off in equity is not affecting currencies. Rupee relatively stable. Dollar's retreat from multi-year highs helps, so does fall in crude
— lokeshwarri sk (@lokeshwarri)
January 6, 2015The loss was widespread and sectors like auto, housing, financials, IT and infra-related stocks like cement were pounded.
The other 48 Nifty stocks came under the hammer and posted widespread losses.
Housing major HDFC lost Rs 24.30 to trade at Rs 1,132.10.
All the major auto stocks lost heavily. Tata Motors was down by Rs 19.05 to trade at Rs 504.75, Maruti slipped to Rs 3,388.95, a loss of Rs 58.85, HeroMotoCorp shed Rs 56.10 to slip to Rs 3,063.30 and Bajaj Auto was down by Rs 28.10 at Rs 2432.60.
In the cement pack, UltraTech shed Rs 52.70 at Rs 2,695 and ACC was trading at Rs 1,399.25, a loss of Rs 34.40.
IT stocks also were unable to weather the investor fury. Infosys lost Rs 41.75 to trade at Rs 1,954.15, TCS was down by Rs 46.05 at Rs 2.494.20 and TechMahindra eased by Rs 35.25 to Rs 2.528.50.
The Nifty was down by about 159 points nearly an hour into trading.