No fresh recovery attempt was seen in Indian market in the late afternnoon trade as Europe crashed 3-5%. The market continued its rollercoaster ride ahead of a Fed meet today.
The 30-share BSE Sensex was trading 231 points lower at 16,758 and the 50-share NSE Nifty was trading 70 points lower at 5,049. Largecaps like Tata Steel, Wipro, TCS, Tata Motors and Cipla were top losers, falling 4-5%. Reliance Infrastructure and Reliance Power were biggest losers, losing 6% each.
However, M&M, BHEL, ITC, Bajaj Auto and Ambuja Cements gained 1.6-3.6%. ONGC went up nearly 1% on hopes of a fall on subsidy sharing burden.
Investments have been moving towards gold due to elevated risk in equity markets post the US downgrade. Gold was trading at USD 1756 an ounce, up USD 46.
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