Sensex crashes over 600 points, 29 stocks in red

A sudden bout of heavy selling in almost all the 50 NSE nifty stocks, suspected to be by a large FII, pulled the benchmark indices deep in the red with sensex losing over 600 points and nifty around 200 points.

Dealers said the selling came through computer-driven alogarithm-based orders, popularly called algo trades, which pulled the sensex below the 27K level in early trade Free Stock Share Tips

All the 30 sensex stocks, expect Bharti Airtel, were in the red in mid-session. At 12.34pm, sensex was down 603 points at 26,834 while nifty was down 194 points at 8,131. According to an investment advisor, about 14 lakh contracts were created in nifty on Wednesday morning itself in the futures and options segment Jackpot Trading Tips

Also nifty sliding below 200-day moving average, an important technical level for traders, weighed on sentiment, dealers said. For nifty, 8,140 is a crucial support level, they said. Dealers also said that recent tax controversies relating to imposition of MAT on foreign investors, despite government's assurances that it was not in favour of any tax uncertainty, weighed on market sentiment Personal Numerology Trading Tips

The rising crude oil prices, which have been hovering over the $60 per barrel level again, is also keeping investors and traders on the edge. Among the sensex stocks, BHEL was the top loser which was down 4.6%. Other top laggards were NTPC and Vedanta (formerly Sesa Sterlite) Nifty Trading Tips