Consistent sell-off in heavyweights like Reliance Industries, ICICI Bank, L&T, Bharti and TCS has been putting pressure on the Nifty though the index managed to get back above the 5,400 mark.
The market has seen a bit of recovery from day's lows on the back of buying in SBI and BHEL at lower levels.
The fall was led by the downtrend across the globe because of growth concerns in the US after weak manufacturing data and endless European debt crisis, wherein Spain and Italy may now be the victims after Greece.
European markets were down between 0.5% and 1%. Asian markets too closed down between 1.5% and 2.5% while only Shanghai remained flat.
A bit of recovery suggested that the market has priced in all negative cues. The 30-share BSE Sensex was trading at 17,961, down 148 points (showed 100 points recovery from day's low of 17,859.5) and the 50-share NSE Nifty fell 47 points to 5,409.
Adrian Mowat of JPMorgan said they have downgraded India to neutral on the back of higher comparable inflation levels and RBI's response.
In the largecaps, L&T hammered the most today - lost over 3.5%. TCS, ICICI Bank, Bharti Airtel, Tata Motors, Axis Bank, JSPL, M&M and DLF were down between 2% & 3%.
Country's largest telecom operator Bharti Airtel reported a sharp (13%) drop in its QoQ profits for first quarter of FY12. Consolidated net profit of the company declined to Rs 1,215 crore as against Rs 1400.7 crore in the previous quarter.
However, ITC, SAIL and Sesa Goa bounced back, gaining between 1.5% and 2%. HDFC Bank, Hero Honda, Ambuja Cements, Reliance Infrastructure, Hindalco and Maruti were other gainers, which were quite supportive.
The market breadth was negative—about three share declining for every one share gaining.
The market has seen a bit of recovery from day's lows on the back of buying in SBI and BHEL at lower levels.
The fall was led by the downtrend across the globe because of growth concerns in the US after weak manufacturing data and endless European debt crisis, wherein Spain and Italy may now be the victims after Greece.
European markets were down between 0.5% and 1%. Asian markets too closed down between 1.5% and 2.5% while only Shanghai remained flat.
A bit of recovery suggested that the market has priced in all negative cues. The 30-share BSE Sensex was trading at 17,961, down 148 points (showed 100 points recovery from day's low of 17,859.5) and the 50-share NSE Nifty fell 47 points to 5,409.
Adrian Mowat of JPMorgan said they have downgraded India to neutral on the back of higher comparable inflation levels and RBI's response.
In the largecaps, L&T hammered the most today - lost over 3.5%. TCS, ICICI Bank, Bharti Airtel, Tata Motors, Axis Bank, JSPL, M&M and DLF were down between 2% & 3%.
Country's largest telecom operator Bharti Airtel reported a sharp (13%) drop in its QoQ profits for first quarter of FY12. Consolidated net profit of the company declined to Rs 1,215 crore as against Rs 1400.7 crore in the previous quarter.
However, ITC, SAIL and Sesa Goa bounced back, gaining between 1.5% and 2%. HDFC Bank, Hero Honda, Ambuja Cements, Reliance Infrastructure, Hindalco and Maruti were other gainers, which were quite supportive.
The market breadth was negative—about three share declining for every one share gaining.
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