Mumbai: Indian equities did not respond to the sharp rise in European markets. BSE benchmark Sensex fell 219 points to 16,839 led by fall in 23 stocks out of the total 30. NSE benchmark Nifty slid 65 points to 5,072.
However, Dow Jones futures gained 35 points after seeing a recovery of 220 points from the day's low. European markets including France's CAC, Germany's DAX and Britain's FTSE moved up 1.5-2 per cent.
On the India front, Infosys, HDFC Bank, HDFC, TCS, SBI, Reliance Industries, Bharti Airtel, Wipro and BHEL tumbled 1-3 per cent. Tata Motors plunged over 5 per cent.
However, M&M, JPSL, ONGC, Hero Motocorp, L&T, HUL and Cipla were only gainers.
Midcaps like Orchid Chemical, Gujarat Gas, Puravankara Projects, Jubilant Foodworks and Jindal PolyFilm rallied 7-11 per cent while TV18 Broadcast crashed 13 per cent. Polaris, Network 18, Apollo Tyres and NCC slipped 6-8 per cent.
The market continued to trade lower though European markets got back into green after initial sell-off and industrial output data was strong for June. The 30-share BSE Sensex was trading at 16,839, down 219 points and the 50-share NSE Nifty fell 64 points to 5,074.
European markets including France's CAC, Germany's DAX and Britain's FTSE were trading 0.7-1.5 per cent higher.
Back home, June industrial output data showed a growth of 8.8 per cent as against 5.9 per cent in the previous month, driven by manufacturing, capital goods, basic goods and electricity sectors.
Among the largecaps, Tata Motors, Hindalco, TCS, Tata Power, Infosys, SBI and Reliance Capital were down 3-6 per cent.
However, Hero Motocorp, Jindal Steel, M&M, ONGC, GAIL and Cairn India gained 1-2 per cent.
New listing - L&T Finance was trading at Rs 50.55 as against issue price of Rs 52 a share.
SBI, Tata Steel, Inventure Growth, Tata Motors, ICICI Bank and Infosys were most active shares on exchanges.
About 574 shares advanced as against 712 shares declined on National Stock Exchange.
The market was not seeing any signs of a recovery though European markets bounced back after initial sell-off. The 30-share BSE Sensex shed 241 points to 16,818 and the 50-share NSE Nifty lost 72 points to 5,064.
Selling pressure was seen in technology and financial stocks. TCS and Infosys plunged 4 per cent each. Meanwhile HDFC, SBI and HDFC Bank lost 3 per cent each.
Shares of India's largest commercial vehicle maker Tata Motors were butchered after disappointing quarterly numbers. Even foreign market research firm CLSA downgraded the stock to underperform. The stock fell nearly 6 per cent.
Heavyweights Reliance Industries and NTPC too were down nearly 0.7 per cent.
However, Hero Motocorp turned big gainer on Nifty, with rising 2.6 per cent. JSPL, Cairn, GAIL, M&M and Power Grid were up 1-2 per cent. ONGC moved up close to 1 per cent.
About 542 shares advanced as against 743 shares declined on National Stock Exchange.
The Indian benchmark indices slipped further in afternoon trade as European markets opened 1-2 per cent down. Heavy selling was seen in IT, banking, realty, auto and power stocks. Stock like Reliance, Infosys, ICICI Bank, ITC and HDFC were laggard to the bourses.
At 12:44 hours IST, the Sensex was down 255.11 points or 1.50 per cent at 16804.29, and the Nifty was down 79.50 points or 1.55 per cent at 5058.80.
About 1,227 shares advanced, while 1,384 declined and 1,060 remained unchanged.
Top losers on the Sensex were Tata Motors at Rs 799 (down 5.51 per cent), Wipro at Rs 340 (down 3.76 per cent), TCS at Rs 945.35 (down 3.31 per cent), Hindalco at Rs 152.50 (down 2.99 per cent) and DLF at Rs 200.70 (down 2.86 per cent).
Tech major Infosys was trading at Rs 2,375.60, down 2.6 per cent from its previous close of Rs 2,438.95. Index heavyweight Reliance was trading 1.73 per cent lower from its previous close at Rs 760. Refinery major HPCL was trading at Rs 383.30 down 2.11 per cent from its previous close of Rs 391.55.
Most active shares on BSE were L&T Finance, Inventure Growth, SBI, Tata Motors and Clarus Finance.
Top percentage losers on the BSE - Clarus Finance, TV18 Broadcast, Inventure Growth and Piccadilly Agro were down 12-20 per cent.
Sensex - the 30-share BSE benchmark - shed more than 150 points ahead of European markets opening. Meanwhile, the Nifty slipped below the 5,100 level. Sell-off in technology, financial, telecom and select metal shares led to the fall.
In an interview to CNBC-TV18, Ruchir Sharma, global head of emerging markets at Morgan Stanley Investment Management said the Indian market is expected to grind lower and added that "the Indian growth picture has deteriorated. We need economic reforms for India to perform well. However, the expectations from reforms are quite low. We could get some changes if GDP slips below 7 per cent."
Industrial growth for the quarter (April-June) grew 6.8 per cent as against 9.6 per cent in the corresponding quarter last fiscal. However, June industrial output data showed a growth of 8.8 per cent as against 5.9 per cent in previous month.
The 30-share BSE Sensex was trading at 16,902, down 156 points and the 50-share NSE Nifty fell 49 points to 5,089.
Tata Motors was the biggest loser, falling nearly 5 per cent. CLSA downgraded the stock to underperform from outperform and reduced target price to Rs 790 from Rs 1,150.
TCS, Wipro, HDFC Bank, Infosys, Bharti Airtel and HDFC were down 2-4 per cent. NTPC, SBI and BHEL slipped 0.5-1 per cent.
However, ONGC rallied over 2 per cent. L&T, ICICI Bank, ITC, Hero Motocorp and Sterlite Industries were marginally in the green.
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