Markets See Biggest Fall In One Year

The downslide in the frontline Indian indices has continued unabated since the morning session. This was a reaction to the RBI's announcement of additional measures to support the Indian rupee by stemming foreign exchange outflow by Indian residents.

The Nifty is currently down by 217 points at 5525 and the Sensex has lost as much as 696 points to move to 5525. The indices are trading strongly negative by 3.60%-3.78%.

The advance-decline ratio continues to remain on the negative side. On the NSE, 1162 shares are in the green and 2148 shares are in red.

Top Nifty Gainers: From seeing only 3 gainers on the index earlier today, we have Hero MotoCorp as the sole gainer on the NSE at this hour, higher by 2.4%.

Top Nifty Losers: Bank of Baroda is leading the losers list as of now, down by 8.7%, followed by JP Associates, BHEL, Axis Bank and Reliance Infra.

The sectors too still remain in the red. Bankex and Consumer Durables are the top losers, down by 500 points each. Oil & Gas and Metals are trading lower by 314 points and 304 points respectively. Mid-Caps and Small-Caps are also both down in the range of 120 points.

All the Asian markets too are still trading negative. Nikkei is the top loser so far, down by 102 points. Hang Seng is trading lower by 21 points, and Straits Times and KOSPI are also seeing losses.

Buzzers: Banking stocks including Axis Bank, YES Bank, Bank of Baroda, ICICI Bank, IndusInd Bank, Bank of India and Federal Bank have all tumbled by 3%-7% after the RBI’s announcement on capital control measures.

There has also been a heavy fall in stocks with a high beta. Tata Steel, Reliance, DLF, Reliance Capital, JSW Steel, ONGC, Jindal Steel, Hindalco and L&T are also down by a similar margin of 3%-7%.

The Nifty Futures have given a bearish breakdown at 5550, and are likely to fall further below this level.