The Sensex slipped below 9,000-mark on account of continued buying action witnessed across board.

IT, consumer durable, oil & gas and metal stocks were hammered badly.
 
BSE Midcap and Smallcap index lost 0.75% and 0.08% respectively.

Among the sectoral indices, BSE IT declined 4.72%, Consumer durables plunged 4.16%, Oil & gas fipped 3.67% and Metal lost 3.42%.

The 30-share index, BSE Sensex, today (Dec 05, 2008), belled the day with a loss of 25.06 points at 9,204.69.

At 02:25 p.m., Sensex lost 258.75 points at 8,971.00. It also touched a high of 9,340.69 and a low of 8,971.00.

Meanwhile the broad based Nifty stood at 2,715.45, down 72.55 points. It also hit a high of 2,821.15 and a low of 2,712.10.

Overall market breath was weak, 1003 stocks declined against 955 advances, while, 73 stocks remained unchanged.

Within the Sensex, the big gainers were Tata Motors (2.95%), Grasim Industries (0.69%), and Maruti Suzuki India (0.30%).

On the other hand, the major losers were Jaiprakash Associates (5.70%), Tata Consultancy Services (5.23%), Infosys Technologies (5.00%), Housing Development Finance Corporation (4.28%), Hindalco Industries (4.20%), and Reliance Industries (4.11%).

Stock market analyst, Vishwas Agarwal said that on the NSE above 2,776 level the market is completely safe but only if that level is sustained.

He also said that if the said level is sustained then there is a chance of 10-15% upmove.

“Market is highly accumulated and waiting for the announcement of relief package by PM to rescue from the economic slowdown due to financial crisis and to rescue troubled sectors,” he said.

Agarwal added, “I am looking at broader view upto January, and overall during this period markets will be in positive zone some times slipping in negative. I don`t see any bad news coming from USA as December is the month of festival so relief recovery is possible. Take opportunity to profit from it.”