Markets Nosedived on Global Concerns

Markets shaved off 2 per cent today following a rout in equities across the globe due to risk aversion for equities on concerns of global economic health. Sensex nose-dived 364 points in opening trades and continued to remain under pressure due to heavy selling in index heavyweights-Infosys, Reliance Industries and ICICI Bank. The BSE benchmark index touched a low of 16,990 in noon trades. Recovery in ONGC and Larsen & Toubro in late trades helped the index trim losses. The Sensex finally ended at 17,306, down 387 points the Nifty closed at 5,211, down 120 points. The main draggers for the day are the IT, Realty, Power and Consumer Durables indices as these indices closed the day declining more than three percentage points. The market breadth is negative with 556 advances against 2365 declines on BSE.