Stock Market Review|Overview Today

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Stock Market Review|Overview today 4 October 2011 :-

It was a volatile day for the Indian market because of intense selling pressure towards the latter part of the day following a rating downgrade for SBI by Moody's. This led to a sudden fall in the Bank Nifty and subsequently, all the sectors came under pressure and the Sensex and Nifty breached the important levels of 16000 and 4800, respectively. Particularly weak in today's trade were financials, metals and IT. Sensex shut shop at 15864, down 286 points and Nifty at 4772, down 77 points from the previous close. CNX Midcap index was down 1.2% and BSE Smallcap index was down 1.1%. The market breadth was negative with advances at 419 against declines of 1014 on the NSE. Top Nifty gainers were Maruti Suzuki, L&T and Wipro while losers included Tata Motors, ICICI Bank and Mahindra & Mahindra.

Hurt by a sell-off in global markets amid rising worries about an imminent default by Greece, and a rating downgrade on the financial strength of banking sector giant State Bank of India, investors went on a selling spree on the major Indian bourses today and sent several stocks tumbling to their multi-month lows.

The BSE benchmark Sensex crumbled and hit its lowest levels in twenty months as stocks went on a trip down south. Bank stocks, led by heavyweights State Bank of India, ICICI Bank and HDFC Bank, were among the worst hit in the sell-off on Tuesday.
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