Market Update: Sensex, Nifty plung again, down over 1%; IT cracks, Fortis Health zooms 16%

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It was yet another blood shed on Dalal Street, thanks to global cues as the Dow Jones Industrial Average fell 1,032.89 points, or 4.15 percent, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75 percent, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9 percent, to 6,777.16.

The Sensex tanked over 450 points or 1.34 percent while the Nifty plunged 1.31 percent or 138 points. The Nifty IT was the biggest contributor to the market fall, shedding 1.5 percent dragged by Just Dial, Infosys, Info Edge, TCS, Tech Mahindra and Wipro.

Bank Nifty was also trading lower by over 1.4 percent as stocks like ICICI Bank (down 2.14 percent) and Axis Bank (down 1.78 percent) dragged the index lower. SBI, PNB, HDFC Bank and Bank of Baroda were the other top losers.

However, amid all the bear run, CNX metal Index was outperforming and was up 0.5 percent led by SAIL, NALCO, Tata Steel, Hindustan Zinc and Bhsuhan Steel.

Tata Steel and Lupin were the only top gainers in the Nifty while on the other hand, ICICI Bank falling over 2.7 percent, Indiabulls Housing Finance, down 2.24 percent and Infosys down 2 percent were the top Nifty losers.Bharti Infratel and Axis Bank were the other top losers.

The most active stocks included Vakrangee which jumped 5 percent while Fortis Healthcare zoomed close to 17 percent. Tata Steel, HEG and ITC were the other acive stocks.

Glenmark Pharma which was down 8 percent intraday on Friday hit new 52-week low followed by Omkar Speciality Chemicals Limited and Shilpa Medicare Limited among others.

From the BSE, apart from Fortis, Adani Transmission jumped over 8 percent followed by Vakrangee, Religare Enterprises and SAIL. The top losers included names like Glenmark which dipped 8 percent while Redington, ICICI Bank, SREI Infra and Just Dial were the other Sensex losers.

The market breadth was clearly in favour of the declines with 326 stocks advancing in Niftyb while 1290 stocks declined and 394 remained unchanged. On the other hand, 588 stocks advanced on BSE with 1534 stocks declining and 69 remained unchanged.

Global research firm Morgan Stanley has maintained an underweight rating on SAIL with target of Rs 61 and feels that EBITDA per tonne beat is driven by lower-than-expected per ton employee cost.moneycontrol