Sensex Nosedives Over 600 Points As Selloff Worsens: 10 Points

Stock Market Today: Forty four out of 50 Nifty stocks traded with losses.

Forty four out of 50 Nifty stocks traded with losses. Trading between 2.80 per cent and 5.31 per cent lower, Indian Oil, United Phosphorus Ltd, IndiaBulls Housing Finance, Maruti and Zee Entertainment Enterprises were the top five Nifty laggards.
Heavyweights Reliance Industries, Maruti and Yes Bank contributed the most to the losses on the Sensex.
All sectors traded in the red, led by private banks, IT, fast-moving consumer goods (FMCG) and realty stocks.
Global stocks were sinking in a sea of red as the threat of a US government shutdown and of further hikes in US borrowing costs sent dismayed investors sailing for safer harbours. (Also Read: Rupee Loses 37 Paise Against Dollar Amid Foreign Fund Outflows)
Analysts pointed at global economic concerns after the US central bank largely retained plans to increase interest rates despite mounting risks to growth.
"Generally, we do see some profit booking towards the end of the year and this time, especially the last couple of days, we have seen Indian markets react to global news," said Anand James, Chief Market Strategist, Geojit Financial Services.
According to Ritesh Ashar, chief strategy officer, KIFS Trade Capital, the weakness in domestic markets is expected to be intact. "We recommend traders to book profit at current levels and wait for further confirmation," he said.
"We expect Nifty to be rangebound between 10,700 and 11,200 in the short term," Mr James said.
Japan's Nikkei fell 1.5 per cent, and was down more than 6 per cent for the week so far, while Australian stocks slipped 1.3 per cent to a two-year trough. Chinese blue chips lost 1.6 per cent, in part after the United States accused Beijing of orchestrating the hacking of government agencies and companies around the world.
In overnight trade, the S&P 500 was heading for its worst quarter since the dark days of late 2008, with a loss of 15 per cent so far. The Nasdaq has shed 19.5 per cent from its August peak, just shy of confirming a bear market. (With agency inputs)