Sensex ends below 17,000; IT, realty biggest losers

15:35 pm: The Sensex closed (provisionally) 315 points lower at 16,990. The Nifty closed at 5,119, 92 points down. IT, realty and metal stocks were under considerable pressure throughout the trading session. On the BSE, the realty index was the biggest loser, surrendering nearly 5 percent. DLF and HDIL shed 7 percent each.Frontline IT stocks such as TCS and Infosys lost about 4-5 percent.European were drifting lower as the Indian markets closed. Gold is currently trading at Rs 25, 087 per 10 grams. The rupee is trading at Rs 45.14 to the dollar, according to NSE data.

15:15 pm: An earlier pattern re-emerges: IT and realty indices on the BSE lead the list of index losers. Large-cap IT stocks bear the brunt of selling. Infosys, TCS and HCL Tech tumble by 5 percent. Wipro slips 2.5 percent. The Sensex is trading at 16,982, while the Nifty is at 5,113. Dow Futures are down by 280 points.

**14:50 pm:**The Sensex is at 16,970, 335 points down. The Nifty is at 5,120, 91 points lower. Only five stocks from the 30 BSE stocks are positive now. All the indices have turned red again.The rupee is trading at 45.10 to the dollar, after falling to 45.20, a two-month low, according to NSE data. Internationally, European markets have slipped into negative territory.

14:35 pm: Tata Motors is the biggest loser on both the NSE and BSE, down by 5 percent, as investors fret over the outlook of the company’s overseas operations. Hindalco and DLF are other big losers. The Sensex is at 17,069, 236 points lower. The Nifty is 60 points lower at 5,151.

14:10 pm: The NSE’s bank index has staged a smart recovery, and is up 0.3 percent after hitting a 52-week lower earlier during the trading session. The big gainers are Union Bank (3 percent), Punjab National Bank (2.3 percent), Kotak Bank (2 percent) and Axis Bank (1 percent). Shares of State Bank of India were also the second-most actively traded shares on the BSE, following L&T (up 1.2 percent), which announced better-than-expected results**.** The Sensex is 150 points lower at 17,155, while the Nifty is at 5,174.

13:45 pm: Eleven of the 30-strong Sensex are posting modest gains. A few of the BSE’s sector indices, including banking, oil and gas and auto, are positive. However, the IT index has still not revived (down 4 percent) and is the biggest loser among indices. On the Nifty, HCL Tech is the biggest loser, down 6 percent. Market breadth has improved – one share is gaining for every five shares falling. BHEL, Bombay Dyeing and Aban Offshore have all recovered from their 52-week lows, but are still lower than Friday’s closing levels. Gold exchange-traded funds (ETFs) on the NSE have hit new highs. The Sensex is around 17,100, while the Nifty is around 5,160.

13:15 pm: The Sensex has recouped quite a bit of its 400-point-plus loss and is nowtrading at 17,178 – 127 points lower. Auto stocks – Mahindra and Mahindra (which announced better-than-expected results), Hero Honda and Bajaj Auto – are among the top gainers on the Sensex, along with ONGC. With crude oil prices hovering around $83 a barrel, these stocks are expected to benefit. The Nifty is trading at 5,185, 26 points lower.

12:50 pm: The markets regain some confidence as European markets turn positive after opening mildly lower.Ambuja Cement and ACC are the top gainers on the Nifty, rising by 2-4 percent. On the Sensex, auto stocks gain – Hero Honda, Bajaj Auto and Mahindra and Mahindra are up 1-2 percent. Sensex entrants Coal India and Sun Pharma are also in positive territory. The Sensex has cut its losses further – is trading at 17,165, 140 points lower. Nifty is recovering as well, is now lower only by 35 points at 5,176.

12:25 pm: Sensex climbs back to 17,078, parings its losses to 228 points. The Nifty is at 5,183, 68 points lower. Sentiment is recovering. Market breath also seems to be improving – one share is gaining for every seven shares falling. Reliance’s shares are now Rs 20 up from the day’s low, at Rs 788. Moody’s says it may downgrade the US’ credit rating before 2013 if fiscal discipline weakens, reports Reuters. But it is maintaining its current rating.

12:05 pm: The Sensex continues to cut its losses and is trading at 16,965, down 340 points. That’s about 200 points from the day’s low of 16,759**.** The Nifty has also trimmed its losses at 5,116. Infosys is the most actively traded stock on the NSE, followed by Reliance and TCS. Tata Steel is the most actively traded stock on the BSE. In Asia, gold is trading at $1,713.

11:50 am: The Sensex pares its losses and is trading at 16,904, down 400 points. The Nifty inches towards 5,100, is trading at 5,097. Dow Futures are down by 265 points, says CNBC. Asian markets continue to drift 3-4 percent lower.

11:30 am: HUL climbs to Rs 318, Rs 10 higher from the day’s low. However, the stock is still 0.4 percent lower from the previous session. On the BSE, the FMCG (fast-moving consumer goods) and the oil and gas indices have lost just 1.3 percent each, compared with the IT and realty indices, which have lost about 5 percent. In the commodity markets, oil is around $83 a barrel in Asian trading.The Sensex is trading at 16,7871, still 434 points lower. The Nifty is still below the 5,100 mark, at 5,083.

**11:15 am:**On the Sensex, ONGC and Hero Honda climb tentatively into positive territory, gaining less than half a percent. Tata Motors loses 6 percent over worries about the outlook for its overseas operations. The Sensex is at 464 points lower at 16,841, while the Nifty is 136 points lower at 5,074. A little earlier, in the bond markets, the prices of ten-yeargovernment paper gained, driving yields to a seven-week low on speculation that the central bank will call a halt to raising interest rates. The yield on the 7.8 percent bonds due April 2021 declined to 8.23 percent .

10:45 am: DLF continues to lose ground, is the biggest loser on the Sensex now, having given up 7 percent. Infosys has fallen below the Rs 2,500 mark. The Sensex is at 16,828, 477 points lower, while the Nifty is 133 points down at 5077.Ambit Holding tells CNBC that now is a great time to start investing in high-quality stocks, although adds that weak corporate governance will continue to be a strong deterrent to investors. Market breadth is very poor – one share is gaining for every 15 shares declining. Across Asia, markets are also glum. Shanghai’s and Hong Kong’s markets are down 4 percent, while the Japanese market is down 2 percent.

10:28 am: IT, realty and bank indices on the NSE have hit 52-week lows. Both the CNX IT index and realty index are 5 percent lower. DLF has tumbled 7 percent to Rs 196. The Sensex is trading at 16,831, down 474 points, while the Nifty is at 5,075.

10:10 am: Wipro and HCL Tech are the two-biggest losers on the Sensex, surrendering 8 percent each. Wipro is down to Rs 340, while HCL Tech has slipped to Rs 407. TCS is at Rs 1,005, down 5 percent. The Sensex has dropped 505 points to 16,800 and the Nifty is 146 points down at 5,064. Gold soars to a new high of Rs 25,180.

9:50 am: No Sensex stock is in positive territory, while BPCL and GAIL are the only Nifty winners, with less than a one percent gain. The Sensex is at 16,853, 453 points down, while Nifty is at 5,080, 130 points lower.

9:30 am: Sectors with any kind of exposure to Europe/US are getting hit badly. Tata Steel sheds 4 percent to Rs 509, while Tata Motors sinks 5 percent to Rs 843. Quantum Securities tells CNBC that while valuations are attractive, buying may not emerge for technical reasons. Sensex still below 17,000 mark, currently at 16,861, while Nifty is at 5,081, 130 points lower.

**9:15 am:**IT stocks are suffering. TCS drops to Rs 1,000,then recovers to RS 1,010, but is still 4.5 percent lower. Reliance Power is 4.5 percent lower at Rs 98. Sensex is at 16,863, 442 points lower, while Nifty is at 5,080, 130 points lower.

9:10 am: Markets drop on opening trades. The Nifty sinks by 140 points to 5,067, while the Sensex plunges 460 points.

Indian stocks plunged deep into the red this morning as the Sensex lost more than 500 points within minutes of the market opening on concerns over theUSlosing its top-notch credit rating due to mounting debts. The 30-share benchmark index dropped within minutes of opening to 16,793.07 points, its lowest level since June, 2010, registering a fall of 512 points from its previous close.

The NSE’s Nifty was also down by 131 points at 5,079.65 points at 0930 hours, after hitting a low of 5,060.05 points earlier in the morning.Stocks like Tata Motors, TCS and Wipro dropped more than 5 percent, while RIL, ICICI Bank, Tata Steel and Bharti airtel were also trading sharply lower. Today’s fall follows an over 1,000-point decline in the Sensex over the last four trading sessions amid weak global cues.

Tokyo opened 1.40 percent, or 130.21 points, lower at 9,169.67 before recovering slightly in the morning while Seoul was also 1.40 per cent lower at the open, falling 27.18 points to 1,916.57. Seoul pared some of its losses to stand 0.5 per cent off in morning trade. Australian stocks fell 1.8 per cent, of 73.9 points to 4,031.5.

Crude prices were sharply lower, with New York’s main contract - light sweet crude for September delivery - dropping $2.48 to $84.40 a barrel. Brent North Sea crude for September delivery sank $2.48 to $106.89.

Analysts said they expected the markets to recover some of their losses after carnage on Thursday and Friday saw the Dow Jones suffer its biggest fall since 2008.

Watch video of Anu Jain vice president of IIFL Private Wealth Management discussing the markets today