The 30-share based BSE sensex was sharply slipped below 13000 points today. It is a second fall in a short period of a weak. The benchmark 30-share Sensex was ended 3.71 percent or 499.92 points lower at 12,961.68 points. The broader 50-share based S&P CNX Nifty was ended at 3.56 percent down at 3,896.75 points. The Indian stock market is facing heat following weak global cues and selling by both domestic and foreign investors.

Market is coming down despite good company valuations and attractive levels. Investors are ignoring everything due to the huge redemption pressure faced by them. Most European shares were trading lower due to worse condition of UK manufacturing sector, PMI. Asian markets, on the other hand, were lower today because of fear of inflation after further increase in crude oil prices.

Oil prices jumped beyond $141 dollars a barrel in London on Tuesday. The price rise is noted after president of OPEC has expected uncertainty over investment to boost crude output.

Following the fear in investors, 2268 stocks are going down while only 409 stocks are advancing. Only National Thermal Power Corp. has managed to notice gain of 1.02%. Anil Ambani-led Reliance Infrastructure Ltd. and Reliance Communications Ltd. were the worst hit amongst the Sensex stocks. They were tumbled by 10.54 percent and 10.49 percent respectively at 702.05 rupees and 396.00 rupees. The biggest private sector lender, ICICI Bank Ltd. was ended down 6.46 percent following recent rise in deposit and lending rates. Housing Development Finance Corp was also under loss of 6.47% after raising its retail prime lending rate by 0.50 percent.

Market is further expected to see downfall as major driving forces of market are touching new heights day by day. Political uncertainty, in case of India, is also developing a sense of fear among investors.