Indian equity market opened with a deep cut, mirroring global phenomenon wherein investors dumped shares on worries over European economic growth. There were reports of European banks facing short-term funding stress; they had to borrow US dollar from ECB at very high cost. The 50-share NSE Nifty lost 78 points to 4,866 and the 30-share BSESensex dwindled 266 points to 16,203.
Technology stocks have fallen the most. Infosys plunged 5.5%. HCL Tech, TCS and Wipro were down 2.5-4.5%.
Tata Motors, Tata Steel and L&T fell 2.5%. ICICI Bank, HDFC Bank and Axis Bank slipped 2%.
Jaiprakash Associates, Sterlite, Reliance Capital and Reliance Infrastructure too were down over 2%.
Heavyweight Reliance Industries was down 1%.
However, ONGC and BPCL were on buyers' radar due to fall in crude oil prices.
The CNX Midcap fell 122 points to 7,084. About 10 shares fell for every one share gained.
DCB, PFC and IFCI slipped 3-6%.
Textile stocks like Arvind and Alok Industries lost 4%.
From the infrastructure space, IVRCL Infra, GVK Power and Lanco Infra declined 2.5%.
Tech Mahindra and Mahindra Satyam were down 4%.
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