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Friday, August 5, 2011

Asia stocks plunge, joining in global rout

‘Complete loss of confidence’ dominates; Hang Seng index drops 4.3%

HONG KONG — Asian stock markets were pounded Friday as a severe sell-off on Wall Street and escalating fears over the global economic outlook took a heavy toll on investor confidence, prompting a flight to safety.

The stampede out of equities spared few sectors or individual stocks as losing stocks overwhelmed gainers across Asia, wiping out hundreds of billions of dollars in market capitalization across the region.

At 12:21 hours IST, the carnage on the street continues on the back of heavy panic sell-off. The 30-share BSE Sensex touched the lows of 17,000-mark and then managed to rise to 17,030.

The 30-share BSE Sensex was trading at 17,030, down 662 points and the 50-share NSE Nifty fell 203 points to 5129.

Market breadth was completely in favour of losers; about 26 shares were declining for every one share gaining.

At 12:10 hours IST: Bears haunted: Sensex cracks over 600 pts

Among sectors, the BSE IT, Realty and Metal indices were down 4-5%. Auto, Power, Capital Goods, Bank, FMCG and Oil & Gas indices fell 2-3%.

Nifty at 52-week low; IT hit hard

Benchmark NSE Nifty tumbled 167 points to 5,164 and the BSE Sensex lost 550 points to 17,142. Market breadth deteriorated further; about 21 shares declined for every one share gained.

The Nifty has touched a 52-week low today led by sell-off in 49 stocks. Heavyweights Reliance Industries, ITC, ICICI Bank, Bharti Airtel and SBI were down 2-3.5%.

Technology stocks were under extreme selling pressure. TCS and Infosys lost more than 5.5% on fears of US recession. Wipro lost nearly 4%.

At 11:49 hours IST: Sensex loses 570 pts; all sectoral indices in red

The 50-share NSE Nifty fell 172 points to 5,159 on the back of mayhem in global markets. All sectoral indices were on sellers' radar.

Asian markets were under extreme pressure, falling 2-5.5%. The US markets had closed down 4-5% yesterday.

About 19 shares were falling for every one share gaining on the National Stock Exchange.

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