BSE sliding 500 points after china valuation collision and Grrece fears

Continuing its slide, the benchmark BSE (Bombay Stock Exchange ) in mid-session tanked over 500 points and the NSE Nifty cracked the 8,400-mark after Chinese shares extended rout and fears of Greek eurozone exit hit trading sentiment.

Reflecting steep fall in blue-chips, the 30-share index which dipped below the crucial 28,000-mark in early trade, continued to slide and tumbled by 504.63 points or 1.79 per cent to 27,667.06 during mid-session, with all the sectoral indices led by metal and auto, falling up to 4.14 per cent.

The NSE Nifty also succumbed to all-round selling and cracked the 8,400-mark by falling 162.65 points or 1.91 per cent to 8,348.15.

Besides, fresh weakness in the rupee which depreciated by 17 paise to Rs 63.63 (intra-session) against the dollar too dampened trading sentiments, brokers said.

Sentiment was badly hit following a rout in other Asian markets with a near 7 per cent crash in Shanghai despite additional measures announced by the government to shore up to the tumbling market, they added.

Japan’s Nikkei tumbled 3.14 per cent, Hong Kong’s Hang Seng plunged 5.97 per cent and Shanghai Composite index was down almost 6 per cent after falling over 8 per cent in early trade.

Major losers that dragged down the key indices were Vedanta (8.83 pc), Hindalco (6.20 pc), Tata Steel (3.90 pc), BHEL (3.32 pc), HDFC (2.46 pc), GAIL (2.20 pc), Infosys (2.11 pc), Coal India (2.05 pc), SBI (1.98 pc), M&M (1.90 pc), ITC (1.85 pc), Cipla (1.69 pc), Bharti Airtel (1.68 pc) and ICICI Bank (1.62 pc).