Mkts: Power, IT Stocks Decline Sharply @ 11:49 Hrs - June 3, 2008

Power, capital goods, information technology, realty stocks continue to reel under the sustained onslaught of the bears this morning. Stocks from metal, banking and FMCG sectors have not fared any significantly better either. Auto and pharma stocks have found some support. Oil stocks are among the ones to have caught the attention.

At 15,836.60, more than 125 points off a low of 15,709.51 it had touched earlier this morning, the Sensex is 226.58 points or 1.41% behind its previous closing mark. The Nifty is down with a loss of 1.44% or 68.05 points at 4671.55.

Mirroring the heavy sell-off in midcap and smallcap stocks, the BSE Midcap and Smallcap indices have plunged 1.99% and 2.36% respectively.

All the stocks in the Power index are down in the red. Suzlon Energy, the biggest loser of them all, is down by as much as 6.65% at Rs 250.20. Reliance Infrastructure has lost around 5.25% at Rs 1108.55. Tata Power, BHEL and Crompton Greaves have lost 4.2%, 4.6% and 4.9% respectively.

ABB, Areva, CESC, GMR Infrastructure, GVK Power, Power Grid, Reliance Power, Siemens and Torrent Power are down by 1% - 4% from their previous closing levels. NTPC, which has suffered the least damage, is down nearly a per cent at Rs 159.75.

Capital goods heavyweight Larsen & Toubro has slipped 2.95% to Rs 2829. Alstom Projects, Bharat Earth Movers, Bharat Electronics, Elecon Engineering, Jyoti Structures, Kalpataru Power Transmission, Kirloskar Oil Engines, Kirloskar Brothers, Lakshmi Machine Works, Praj Industries, Punjab Lloyd, SKF India and Thermax have also suffered sharp losses.

IT bellwether Infosys Technologies has eased by 2.7% to Rs 1898. Satyam Computer Services has slipped by 4.6% to Rs 494.80. Tata Consultancy Services is down by around 2.2% at Rs 962.80. Wipro has lost 1.85% at Rs 485.95.

Aptech, Financial Technologies, HCL Technologies, i-Flex Solutions, Moser Baer, Mphasis, NIIT, NIIT Technologies, Patni Computer Services, Rolta India, Tech Mahindra, GTL, CMC, Hexaware, Educomp Solutions, Polaris, MindTree Consulting and Subex are also down with sharp losses.