Equities, led by bank stocks, went into a tailspin as the hike in CRR and Repo rates triggered a massive sell-off in early trade on the major Indian bourses this morning.
Mirroring the sharp erosion in values of frontline stocks, the benchmark BSE index Sensex, which crashed to a low of 12,706.92, is down with a huge loss of 331.06 points or 2.53% at 12,741.04 at present. The Nifty, which plunged to a low of 3711.95, is 2.59% or 99.85 points behind its previous closing mark, at 3722.70.
The mood is so negative that none of the Sensex components is up in the positive territory at present. Among Nifty stocks, only Tata Power (up 0.55%) has managed to move up to higher levels.
Banking sector heavyweights State Bank of India, ICICI Bank and HDFC Bank have plunged 5.4%, 5.6% and 4.05% respectively.
Automobile stocks Bajaj Auto, Maruti Udyog, Tata Motors and Hero Honda have lost between 3% and 4.25%. Larsen & Toubro has slipped by a little over 3%. Reliance Communications, ONGC, HDFC, Reliance Energy, Satyam Computers, Hindustan Lever, Bharti Airtel, ITC, Hindalco, Grasim Industries, Reliance Industries, Dr. Reddy's Laboratories, Tata Steel, Infosys Technologies, Wipro< BHEL, Dr. Reddy's Laboratories, Gujarat Ambuja Cements and ACC have all suffered sharp losses in opening trade.
Among non-Sensex bank stocks, Oriental Bank of Commerce, Union Bank of India, Bank of India, Punjab National Bank, Bank of Baroda, UTI Bank, Indian Overseas Bank, Centurion Bank of Punjab, Canara Bank, Andhra Bank and Allahabad Bank have lost 5% - 8%. Federal Bank, Kotak Bank, IDBI, Vijaya Bank, Dena Bank, Syndicate Bank, Corporation Bank, Bank of Maharashtra and UCO Bank have also declined sharply.
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