Sensex cracks 500 pts; IT, Auto, Metal, Oil indices fall 2%

Equity benchmarks as well as broader markets slipped around 2 percent each on weak global cues post sharp fall in crude oil prices last night. The 30-share BSE Sensex tanked 534.00 points to 27308.32 and the 50-share NSE Nifty lost 159.15 points to 8219.25.

More than four shares declined for every share advancing on the Bombay Stock Exchange.

Shane Lee of CIMB, said he expects the focus to be more on the bad news of oil price decline and concerns in Europe during this period of volatility.

Though Lee sees the current situation as a buying opportunity in India, he feels the emerging markets will underperform developed markets.

All sectoral indices traded in red with the BSE Auto, Capital Goods, IT, Metal, Oil & Gas, Power and Realty indices declined over 2 percent while Bank and Healthcare dropped 1.8 percent each. More information please visit this site www.bigprofitbuzz.com