(RTTNews) - An uninspiring manufacturing report for October and continued profit taking on valuation concerns amid extremely weak global cues dragged the Indian market sharply lower on Tuesday.

After moving in a choppy fashion in early trading, the BSE Sensex fell sharply in the afternoon to end near the day’s lows at 15,405, down 491 points or 3.09%.

The S&P CNX Nifty tumbled 148 points or 3.14% to 4,564, the BSE mid-cap index moved down 3.74% and the small-cap index shed 4.50%. The market breadth on the BSE was extremely negative, as decliners outnumbered gainers by 2170 to 534.

Globally, Asian stocks edged mostly lower on Tuesday on concerns stimulus measures if withdrawn prematurely may undermine a global economic recovery. The Reserve Bank of Australia raised its interest rates by 25 basis points to 3.5 percent, but said it may pause its tightening cycle in December. Traders awaited interest rates announcements from the U.S, U. K and Eurozone this week.

European stocks are now trading sharply lower, dragged down by banks and heavyweight energy and mining stocks, and the Dow futures point towards a negative opening on Wall Street Tuesday morning.

Back home, high-beta realty, commodity prices-driven metals and oil & gas stocks bore the brunt of the selling pressure.

Market heavyweight Reliance Industries (RIL) plunged 5.73% on reports the Controller and Auditor General of India has set up a panel to examine the company’s expenses incurred on its D6 oil blocks in the KG basin. However, Anil Ambani-controlled RNRL, which is fighting a legal dispute with RIL in the Supreme Court, rallied 4.56% ahead of an apex court hearing on Wednesday.

Among the major decliners, Hindalco Industries plummeted over 10%, DLF slumped over 9%, Jaiprakash Associates tumbled 7.52%, Sterlite Industries shed 6.40%, ACC fell 6.20% and Tata Steel tumbled 5.51%.

In the IT space, Wipro fell 4.36%, while TCS and Infosys declined by 3% each. Larsen & Toubro gave off 2.65% despite winning a contract worth Rs 6,897 crore from Mahagenco for a 2000-MW Supercritical power plant.

Hindustan Unilever fell 3.60% and Reliance Infrastructure tumbled nearly 6% after reporting disappointing quarterly earnings. Mahindra & Mahindra eased over 3% despite reporting a 32% rise in domestic sales of its utility vehicles in October.

Hero Honda Motors fell 3.50% on reporting a modest rise in October sales at 354,156 units versus 352,449 units in the corresponding month.

State-run bank SBI declined by 4%, power producer NTPC fell 2.91%, capital goods manufacturer BHEL slipped 2.87% and diversified conglomerate ITC ended down 2.65%.

However, Bharti Airtel rose 2.67% after Singapore Telecommunications bought an additional 1.52% percent stake in the company. Reliance Communication plunged 5.71% on posting disappointing quarterly earnings, Idea Cellular fell 2.79% and Tata Teleservices ended down 3.20%.

Maruti Suzuki advanced 1.13% after its car sales grew 33% in October year-over-year. Sun Pharma, which is locked in a hostile takeover battle for Israel’s Taro, also ended up 0.31%.

Videocon Industries plunged around 10% after its board approved a rights issue. MTNL fell 3.48% after reporting a 77% fall in quarterly net profit. Balrampur Chini Mills slumped over 10% after it denied having entered into a stake sale agreement with rival Bajaj Hindusthan.

Aptech fell nearly 8% on reports the listing of its China subsidiary has been put on hold. Unitech fell over 9% and Suzlon Energy slumped 13% on disappointing September-quarter earnings.

Ranbaxy Laboratories fell 3.42% on reports it has sold its Vietnam business. Great Eastern Shipping ended down 2.68% on reports it is expanding its tankers and dry bulk carrier capacities.

SREI Infrastructure Finance plummeted nearly 12% on reports it plans to float a $-billion overseas fund. City Union Bank fell over 4% after its board approved raising of funds via a 1:4 rights issue.

JK Tyre & Industries edged up 0.64%, Hindustan Dorr-Oliver rose 2.60% and Ashok Leyland advanced 1.65% after they announced robust earnings for the September quarter. Mukand rallied 6.18% on reports it may sell some surplus land.

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