Mumbai: The market are completely in control of the bears and closed below the lows of May 22.
The BSE Sensex closed at 9757 with a loss of around 200 points, it was the worst closing for Sensex since Feb 3, it swung 442 points intraday.
Nifty lost 76 points 2860, it swung 137 points intraday.
The BSE Small Cap Index closed at 5,256.17, down 389.40 points or 6.90 per cent.
The BSE Midcap Index ended at 4,319.24, down 288.08 points or 6.25 per cent.
All the BSE sectoral indices closed in red. Metal, pharma and cosumer durable indices were among the worst hit followed by banking, auto, and oil & gas indices.
The BSE Consumer Durables Index witnessed heavy fall of 208.75 or 7.48 per cent to close at 2,580.54 due to Su-Raj Diamonds, Whirlpool, Titan Industries, Blue Star, Samtel Color and BPL.
Metal stocks like Guj NRE Coke, SAIL, Hind Zinc, Sterlite Ind, JindalStainless, Nalco, Jindal Steel and Sesa Goa were also meltdown. The BSE Metal Index closed at 7,403.92, down 517.57 points or 6.53 per cent.
Capital goods stocks like HEG, Alstom Projects, Ingersoll Rand, SKF India, Siemens, L&T, Crompton Greaves and BEML also slipped. The BSE Capital Goods Index ended down 329.91 points or 4.80 per cent at 6,541.56.
The BSE Healthcare Index also closed down 132.45 points or 4.16 per cent at 3,054.32 amid selling in pharma stocks like Matrix Labs, Nicholas Piramal, Orchid Chemical, Ipca Labs, Ranbaxy Labs, Lupin, Sun Pharma, Novartis India and Biocon.
Auto stocks like Tube Investment, Bharat Forge, Sundaram-Clayton, Escorts, MICO, Asahi India, Punj Tractors and Cummins also drove down. The BSE Auto Index closed at 4,419.79, down 3.85 per cent or 177.01 points.
Oil stocks including Chennai Petro, IOC, MRPL, Kochi Refineries, Petronet LNG, HPCL, BPCL and ONGC also tumbled. The BSE Oil & Gas Index ended at 4,624.40, down 3.42 per cent or 163.97 points.
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The BSE Bankex also finished lower by 122.09 points or 2.58 per cent at 4,609.77 as losses were seen in Bank of India, IOB, Bank of Baroda, Oriental Bank, SBI, Andhra Bank, Canara Bank and Kotak Mahindra Bank.
FMCG stocks like Shaw Wallace, Nestle, Britannia, P&G, McDowell and HLL also ended in red. The BSE FMCG Index closed at 1,740.79, down 1.72 per cent.
Technology stocks like Mphasis BFL, HCL Info, i-Flex Solutions, HCL Tech, Patni Computer, Satyam and Moser Baer also plummeted. The BSE IT Index dropped 1.48 per cent to end at 3,408.31.
The NSE cash turnover was at Rs 7758.36 crore and the NSE F&O turnover was at Rs 25341.59 crore. The BSE cash turnover was Rs 3527.95 crore. Total market wide turnover was at Rs 36627.9 crore versus Rs 35778.39 crore on Monday.
Amit Dalal of Amit Nalin Securities says that global appetite for equities right now is very low, maybe even minus. Dalal believes that right now one needs to take cues from what is happening in the global markets, which currently are negative.
As long as global markets are in a downtrend, our market will not stabilize.
He believes that when the June results come, Indian markets will look a lot smarter than other markets. The results itself may start bringing in a lot of money.
Stock brokers said higher levels could not be sustained as funds and retail investors were seen reducing their positions at every rise.
They said that more volatility would create more uncertainty and the market might see further lows.
Weak global advices continued to weigh negatively on the market sentiment as the BSE-30 share sensitive index opened lower at 9,919.28 as against Tuesday's close of 9,957.32.
Later, it moved erratically in a range between 10,001.44 and 9,843.80 before being quoted at 9,974.52 at 1000 hrs, IST, a minor rise of 17.20 points.
The Sensex had dropped by a whopping 494.01 points or 4.73 per cent in last two days.
On the international front, the Dow Jones Industrial Average and the Nasdaq Composite Index moved down further by 46.5 points and 6.84 points respectively Tuesday night.
Most Asian markets were also traded in the red early Wednesday morning.
With Agency inputs
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