Sensex tanks 834 points
Huge selling pressure was witnessed across the counters today as investors fretted over the dismal debut of Reliance Power. Weak global cues, too, weighed on bourses.
After a sharp slump, the market had witnessed recovery from lower level in mid-afternoon trade after State Bank of India, India's biggest commercial bank announced a cut in price lending rate by 25 basis points. However, the recovery proved short-lived and the market plunged again in late trade.
Reliance Energy plummeted. All the sectoral indices on BSE, barring IT index, were in the red. 26 out of 30 stocks from the Sensex pack were in the red. The market breadth was poor.
European markets, which opened after Indian markets, were subdued. Asian markets, which opened before Indian markets, were trading lower.
The 30-share BSE Sensex fell 833.98 points or 4.78% at 16,630.91. Sensex shed 1007.15 points at the day's low of 16,457.74, hit in afternoon trade
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