The News International Team
3:30 pm: Markets sold off in late trade, with the Nifty falling below 8,400 while the Sensex tested the 28,000 mark, before closing above it.
At close, the Sensex was down 0.46 percent, or 130 points, to 28,032 while the Nifty was off 0.52 percent, or 44 points, to 8,382.
The sell-off was largely broad-based but stocks that had run-up the most recently fell the most.
High-beta shares such as metals and oil & gas witnessed 1 percent plus down move. Mid and small cap stocks have 0.6 percent. Logistics shares, which have risen manifold over the past one year saw ferocious selling, with stocks losing 6 to 10 percent.
FMCG and IT were the only pockets that stood up in the decline.
“The overall trend of the market doesn’t change,” fund manager Phani Sekhar of Angel Broking told CNBC-TV18. “The correction is an opportunity to get into midcaps.”
“Short-selling is not a good idea in this market,” Sudarshan Sukhani of s2analytics.com told CNBC-TV18, referring to the Nifty’s fall below the 8,400 level, adding that NBFCs were forming a solid technical base and would likely break out ahead.
3:00 pm: A late fall gripped Indian stocks Wednesday, after shares decisively broke down following early consolidation, with the Nifty breaking through the crucial technical level of 8,400 while Sensex too tested the 28,000 level.
At the time of this writing, the Nifty was down 0.6 percent to 8375 while the Sensex was down 0.51 percent to 28,020.
The counters, which had witnessed the most buying up until Monday when the market raced through fresh all time highs, were down the most in today’s move.
The worst-hit were the metals and mining (down 1.9 percent) and the oil & gas (off 1.6 percent) sectors, which had led through most part of the recent rally.
Mid and small cap shares too, which have outperformed the frontline indices recently, too broke down with a 0.8 percent cut for both.
Among bluechips, Cairn, GAIL and Tata Steel were down between 2.5 percent and 3 percent.
FMCG stocks, which had remained mostly quiet during the recent up move, stood out for their resilience today, led by bellwether Hindustan Unilever, which was up 1.4 percent.
The advance-decline ratio stood at 1857:1156 for BSE-traded scrips.