After opening with a loss of 550.08 points at 12,712.82, the 30-share index, BSE Sensex continued its downward trend in today’s session (Sep 18).

At 11:06 a.m., Sensex lost 578.71 points at 12,684.19, after hitting a high of 12,712.82 and a low of 12,558.14.

On the other hand, the broad based Nifty stood at 3,853.05, down 151.20 points, after touching a high of 4,005.25 and a low of 3,799.55.

BSE Midcap and Smallcap were trading down 4.81% and 5.01% respectively.

On Wednesday (Sep 17), the Sensex settled with a loss of 255.90 points, whilst the NSE Nifty fell 66.65 points, or 1.64%.

The total breadth of the market was sharply negative as it saw 167 advancements as against 2,013 declinations.

The only gainer at the 30-share index was Oil & Natural Gas Corporation (ONGC), which gained 0.16%.

At the same time, the major losers were Jaiprakash Associates, which fell 10.87%, Bharti Airtel declined 7.79%, Reliance Communications dipped 7.35%, Satyam Computer Services and Ranbaxy Laboratories each lost 6.68%.

Stock market analyst Vishwas Agarwal stated that On the Bombay Stock Exchange (BSE) if the market holds at 13,150 level it may drop another 500 points.

He also said that reactions are very bad because of global weak markets and awful financial situations.

“I would like to stay away from the markets until clarity in global markets and FII inflows don`t come. Ultimate downside target on BSE is 12,345.67,” he added

Mr. Agarwal further said that banking stocks suffered on Tuesday, and more reduction in banking sector will create more panic in the market.