Worst loss at the BSE sensex, falls 516 points in one day

The Bombay Stock Exchange benchmark Sensex tanked by over 500 points at the end of the session today on all-round selling prompted by concerns that rising crude oil prices and inflation may force the Reserve Bank to hike interest rates.

At 3.30 p.m., the Sensex was down by 511.74 points to 17,666.59, with banking and consumer durable stocks the worst-hit by the panicky market sentiment. Similarly, the broad-based National Stock Exchange Nifty index was down by 156.95 points at 5,280.40.

Volume toppers during the session were SBI, Reliance Infra, Tata Steel, RIL and Tata Motors. Major Sensex losers were L&T, Infosys, ICICI Bank, RIL, SBI, Tata Motors, SBI and HDFC. Cipla, Hero Honda and Hindustan Unilever were the major gainers.

All the sectoral indices ended in red. Among them, bank was down 3.81 per cent, consumer durables 3.79 per cent, capital goods 3.76 per cent and realty 3.76 per cent. Of the total 2,953 stocks traded, 644 advanced, 2,223 declined and 86 remained unchanged.

PTI adds:

The Sensex opened on a weak note and went into a tailspin thereafter, following reports of a rise in inflation, coupled with a 30-month high crude oil prices amid unrest in Libya and West Asia.

This raised the concerns of a hike in interest rate by central banks across the South East Asian region, which further vitiated the mood, analysts said.

A weakening trend in the Asian region and the continued decline of European stocks for the fifth straight day — extending the longest losing streak since October — contributed to the market's woes.

Also, cautious approach adopted by participants due to the expiry of current month contract in the derivatives segment on the NSE today cast its shadow on the market sentiment.