Stocks were under force as bearish attitude spooked global markets on information of North Korean plans to conduct military strike against South Korea. concern economic turmoil in Europe continued to play killjoy.
"Nifty now faces confrontation at 5000 levels. The fact that the Nifty close below 200 SDMA many days now has a cause to consider a case for a deeper correction. For the day support is predictable around the 4850 level, while 4900 is predictable to offer a good confrontation.
There seems to be a break into the Bank Nifty. In stock exact note that stocks that Jsw Steel, Hindalco, DLF and India Bulls Real Estate Trending down and waited to drive less. The favored long is REC, Gail and ITC based on their relative power, "said Edelweiss account.
12:30 pm, the Bombay Stock Exchange's Sensex at 16,122.31, down 347.24 point or 2.11 percent. The 30-share index hit intraday low of 16,107.37 and high of 16,444.57.
National Stock Exchange's Nifty was at 4837.65, down 106.30 points or 2.15 percent. The index touch a low of 4,832.10 and high of 4946.60 in buy and sell so far.
BSE MidCap Index was down 2.15 per cent and BSE Smallcap Index enthused 2.12 percent lower.
Among the sectoral indices BSE Metal Index fell 3.14 per cent, BSE Auto Index slipped 2.36 per cent and BSE capital goods index 2.36 percent lower.
Reliance Communications (-6.39%), Grasim (-4.98%), Reliance Infrastructure (-3.49%), NTPC (-3.31%) and Tata Power (-3.27%) were among the Top Nifty losers.
Hero Honda (0.03%) and Bharti Airtel (0.02%) were the only winner.
Market width was negative on BSE with 2132 losers against 478 winners.
European markets opened with a hole under the signals from other peers. DAX dropped 0.40 percent and the CAC 40 fell 2.65 percent.
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