Sensex melts on global growth concerns to touch 3-months low

The Sensex nosedived by 434.02 points to 15,790.93 points, a level last seen in November. It touched the day's low of 15,725.43 points, The National Stock Exchange index Nifty slid by 126.70 points to 4,718.65, after touching a low of 4,692.35 during the day.

Selling pressure gathered momentum after Europe's sovereign debt, indications of weak US jobs data and a crash in commodity and energy prices raised fresh concerns over the global economic recovery. In the 30-BSE index-linked stocks, barring Tata Power, all the 29 stocks closed with losses. With the selling spreading over a wide front, all the sectoral indices ended in the negative zone.

The two heavier stocks, Reliance Industries and Infosys Technologies, suffered heavy losses, playing a vital role in pulling down the Sensex. Both carry nearly 23 per cent weight on the index. Reliance Industries, the largest non-state refiner, dropped Rs 38.10 to Rs 981.30, its steepest decline since December 18 last year. Infosys dropped by Rs 71 to Rs 2,352.20.

Indian Oil, the largest state-owned refiner, lost Rs 8.90 at Rs 307.90. Asian shares plunged following an unexpected increase in US jobless claims and slide in commodities. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan fell between 1.87 per cent and 4.30 per cent.

The slide in India's stocks mirrored losses across the region as the MSCI Asia Pacific Index tumbled by the most in 10 weeks, extending a global rout.
The realty sector index suffered the most by losing 4.36 per cent at 3,250.42 followed by metal index by 4.26 per cent to 15,361.85. PSU index lost 3.52 per cent to 9,108.59.

Jaiprakash Associates, the biggest builder of dams, tumbled 4.46 per cent to Rs 125.25, after touching Rs 122.55, its lowest level since July 13 last year. DLF fell by 3.67 per cent to Rs 309.45.

The oil and gas sector index dropped by 3.41 per cent to 9,578.91 and bank index by 3.04 per cent to 9,217.46. ICICI Bank, the second-biggest lender, fell by Rs 30.95 to Rs 798.35, State Bank of India, the largest state-run lender by Rs 52.10 to Rs 1,896.65, Housing Development Finance by Rs 37 to Rs 2,390.25 and HDFC Bank by Rs 43.60 to Rs 1,573.10. As investor indulged in off-loading, small-cap index fell by 3.25 per cent to 8,073.92 and mid-cap index by 2.60 per cent to 6,347.37.