Equity benchmarks fell further in line with rest of Asia. Oil & gas, capital goods, FMCG and private banks stocks were under pressure. The 30-share BSESensex was trading at 15934, down 228 points and the 50-share NSE Nifty fell 69 points to 4798, led by panic selling.
Among Asian markets, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan were down 1.5-2%. Jakarta Composite fell over 4% and KLSE Composite slipped nearly 3%. Shanghai declined just 0.5%. Thailand plunged 6.5%.
Macquarie Securities said equity markets continued to face downside risks.
Among commodities, Silver crashed 7%. Crude slipped below USD 80 a barrel on the NYMEX.
John-Paul Smith of Deutsche Bank said the next phase of the unraveling of the carry trade might lead to major decline in commodity prices and increase signs of distress among EM corporates. "This could result in further underperformance of equities," he added.
On the sectoral front, the BSE Metal Index slipped 3% on the back of fall in commodities prices in international markets.
Oil & Gas, Capital Goods, FMCG, Auto, Realty and Bank indices were down 1-1.7%.
Largecaps like Reliance Industries, HDFC Bank, ITC, L&T and HUL were down 1-2%. ONGC and SBI fell 0.7% each. Sterlite Industries plunged 4%.
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