The markets traded with moderate declines in morning but came under severe selling pressure in the afternoon to close with significant downside. Barring IT, all sectoral indices closed negative with realty being the worst performer. Other sectors with substantial declines included consumer durables, metal, banking and power.
Experts feel profit booking may be one of the reasons behind today's fall as the Nifty had rallied more than 500 points since the previous biggest correction of 117.4 points to close at 5087.3 on January 30, 2012. The rally was completely liquidity driven as foreign institutional investors have been pumping in more and more money in emerging markets (they bought over USD 4.5 billion worth of shares since January) and not because of any great change in fundamentals
The Sensex closed at 18145, down 283 points from its previous close, and the Nifty shut shop at 5505, down 102 points. The CNX Midcap index closed with 3.8% loss while the BSE Smallcap index was down 3.2% in today's trade. The market breadth was negative with advances at 224 against declines of 1260 on the NSE.
The top Nifty Gainers were Sun Pharma, ITC, TCS and ONGC while the biggest losers includedReliance Communications, SBI, DLF and Sterlite Industries.
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