Sensex plunges over 550 points

NEW DELHI: The S&P BSE Sensex plunged as much as 571 points in trade on Wednesday to break below its crucial psychological level of 27000. The index posted its worst fall since April 20, led by losses in HDFC, Infosys, ICICI Bank, Axis Bank and ITC.

The 50-share Nifty index also came under pressure to break below its crucial support of 200-DMA in trade today, weighed down by losses in FMCG, IT, banks, capital goods, consumer durable and oil & gas stocks.

Brokers cited algo-trading as main reason for the fall. NSE index fell as much as 2 per centt while the BSE index lost 1.9 per cent.

“Nifty was already below 200-day average and today it also broke Tuesday’s low which generated strong sell on algo platforms,” said Nilesh Dedhia, founder of NTD Trading, which specialises in providing algo-based trading platforms.

Markets @ 10.30

The 30-share index was at 26,954, down 485 points or 1.77 per cent. The Nifty was at 8,147 down 176 points or 2.12 per cent.

Top Gainer

BHARTI AIRTEL (3.7%)

Top Losers

BHEL (-3.6%), NTPC (-2.9%0, CIPLA (-2.9%), AXIS BANK (-2.8%), WIPRO (-2.7%)

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Source:Economictimes