Markets crash land, Sensex sheds 388 pts

New Delhi: The markets saw savage correction on the last day of the week as selling was seen in scrips across sectors during closing trade.

The stock market bellwether Sensex on Friday tanked over 388 points, including banking, automobile and technologies, making it the worst week for investors in the last seven months.

The key-index lost about 770 points in the last four trading sessions in a row, as most of the index-related stocks in bank, auto and technology segments melted on selling by foreign funds as well as general investors.

The index tumbled 5.4 per cent this week, its biggest weekly decline since the week ended July 21.

The wide-based National Stock Exchange index Nifty dropped by 101.05 points at 3938.95.

All the BSE sector indices ended in red. Cement, pharma and banking stocks were the worst hit.

The major draggers were Grasim Industries, ACC, Bajaj Auto, Maruti Udyog, Satyam Computers, Infosys Technologies and ITC Ltd.

The BSE Small Cap Index closed at 6,904.43 down 268.98 points or 3.75 per cent.

The BSE Midcap Index ended at 5,664.89 down 139.59 points or 2.4 per cent.

The BSE FMCG Index lost 3.4 per cent at 1,786.28. Shaw Wallace, Britannia, ITC, United Spirits, Colgate, HLL, Nirma closed in red.

The BSE Metal Index was down 0.9 per cent to close at 8,798.93. Mah Seamless, Hindalco, Welspun Guj, Guj NRE Coke, Jindal Saw, Jindal Steel were among the losers.

The BSE Bankex was down 3.4 per cent at 6,759.58. Bank of India, Oriental Bank, ICICI Bank, HDFC Bank, UTI Bank moved downwards.

The BSE Health Care Index was plunged 2.7 per cent at 3,610.62. Dr Reddys Labs, Matrix Lab, Glenmark, Cadila Health, Sun Pharma, Nicholas Piramal closed lower.

The BSE Capital Goods Index was down 2 per cent at 9,227.83. Praj Industries, HEG, KEC Infrastruct, BEML, Aban Offshore ended lower.

The BSE Auto Index closed at 5,336.65 down 2.2 per cent. Cummins, Sundaram-Clayton, Escorts, Hind Motors, Tube Investment, Ashok Leyland were among the losers.

The BSE IT Index closed at 5,261.84 down 2.4 per cent. Wipro, Mphasis, Satyam, Hexaware Tech ended weak.

The BSE Oil and Gas Index closed at 6,536.47 down 1.14 per cent. BPCL, HPCL, Reliance Natura, Petronet LNG ended in red.

The NSE cash turnover was at Rs 10,323.1 crore and the NSE F&O turnover was at Rs 36,422.02 crore. The BSE cash turnover was Rs 4,150.18 crore.

Total market wide turnover was at Rs 50,895.3 crore.