Sensex dips over 1000-pt; European mkts crash

Markets are witnessing fresh bouts of selling and have plunged further on the back of weak IIP numbers. European markets have crashed in opening trade, which is putting pressure on our markets as well. FTSE, CAC and DAX tumbled around 10% each.
The August Index of Industrial Production (IIP) stood at 1.3% as against 10.9% in same period of last year. Capital Goods growth was at 2.3% versus 30.8%, Mining growth declined at 4% from 14.7% and manufacturing growth declined at 1.1% versus 10.7%. Consumer Durables growth declined at 5.1% from 6.2%. CNBC-TV18 had expected August IIP numbers at 5.79%.
Reliance Industries, ICICI Bank, Bharti Airtel, ONGC, Reliance Communication, NTPC, BHEL, HDFC, L&T and Infosys Technologies are major draggers to benchmark indices.
The two exchanges will halt trading if the Sensex falls 1275 points or the Nifty loses 390 points, which is 10% circuit.
The Sensex tumbled 1070 points at 10,257 and the Nifty fell 298 points to 3,215, at 12:38 pm. BSE Midcap and Small Cap indices lost 7-9%.
Not a single stock is in green on the Nifty Fifty and BSE Sensex Thirty.
Breadth is worst; about 475 shares have advanced while 2516 shares have declined. Nearly 192 shares are unchanged.
Capital Goods Index fell over 10.5%. Jyoti Structures, Elecon Engg, Punj Lloyd, Kirloskar Bros, Suzlon Energy, Kirloskar Oil, Alstom Projects, BHEL, Havells India, Siemens, Areva T&D and L&T fell 10-20%.
Bankex slipped 11%. ICICI Bank lost over 24%. Yes Bank, Axis Bank, Karnataka Bank and HDFC Bank tumbled 8-15%.
Telecom stocks like Reliance Communication lost 15%, Bharti Airtel -8.31%, Tata Communication -6.98%, MTNL -6.77% and Idea Cellular -2.89%.
Power stocks like GMR Infra, Reliance Infrastructure, Suzlon Energy, Reliance Power and CESC fell 10-15%. Power Index lost 9.4%.
Realty Index crashed 9.5%. Mahindra Life, HDIL, Peninsula Land, Indiabulls Real and Anant Raj Ind fell 11-17%. Parsvnath and Unitech lost 9-10%.
Metal Index fell 9%. Welspun Gujarat, JindalStainless, Gujarat NRE Coke, Sesa Goa, Jindal Steel and Tata Steel fell 10-17%.
Oil & Gas Index slipped over 7%. Aban Offshore, Cairn India and Essar Oil fell 11-17%. HPCL, Reliance Inds, ONGC, Reliance Petroleum and IOC lost 5-8.5%.

SO WHATS NEXT ......