https://economictimes.indiatimes.com/markets/stocks/market-news/sens*x-snaps-500-points-analysts-say-good-time-to-buy/articleshow/9491306.cms
NEW DELHI: The Sens*x opened 400 points lower on Friday, joining a slide across global markets triggered by worries over the US economy and the European debt crisis.
At 1:18 PM, the Sens*x dropped 465 points to 17,231, while the 50-share Nifty index slipped 157 points to 5174.
Broader markets too were weak. The BSE mid-cap index was trading 2.9 percent down and the BSE small-cap index was trading 3.4 percent lower.
Infrastructure, property, banking and metal stocks were hit the hardest, with rising interest rates and input costs adding to selling pressure.
Sterlite Industries fell over 5 percent to Rs 143.50, JP Associates slipped 4.4% to Rs 60.70, Reliance Infrastructure down 4% to Rs 542.90.
Metals stock such as Tata Steel, Bhushan Steel, Sesa Goa, NALCO, Hindalco Industries Ltd, Hindustan Zinc dropped 4-2 per cent. BSE Metals index was down 3.3 per cent.
To view complete list of losers in metal stocks please click here
BSE Realty index slipped 3 per cent led by losses in DB Realty Ltd, Parsavnath Developers, DLF Ltd, Unitech Ltd, Godrej Properties and Phoenix Mills Ltd. Realty stocks were down in the range of 2-5%.
To view complete list please click here
BSE Banking index slipped 2 per cent led by losses in HDFC Bank, State Bank of India, Yes Bank Ltd, IDBI Bank Ltd, Axis Bank Ltd and Bank of India Ltd. Banking stocks were down in the range 1-4%.
To view complete list please click here
The benchmark Japanese Nikkei was down 3.6 percent, the Chinese Shanghai Composite index was 1.88 percent down, while Hong Kong's Hang Seng had fallen a huge 4.66 percent.
ET Now spoke to various analysts and here's what they have to say after sharp sell-off in Indian markets mimicking global sell-off
Raamdeo Agarwal, Motilal Oswal Financial
Indian markets are trading at lower end of the bank and at these current levels it gives good opportunity to investors to accumulate stocks and build their portfolio.
The Reserve Bank of India is also expected to become less hawkish and as commodity prices such as oil cools off it will help Indian markets going forward and also ease inflationary pressure.
Recommend buying PSU banks such as State Bank of India at current levels and telecom stocks such as Bharti Airtel Ltd and Idea Cellular Ltd.
However Raamdeo advised caution trading in infrastructure space and not to be a speculative under current conditions.
Dilip Bhatt, Prabhudas Lilladher
Selective buying at current levels for long term is advised however global crisis, inflationary concerns have not yet peaked.
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