Reliance Power IPO soars, Market takes a beating

With the bulls turning heavily to the Reliance Power IPO, shares of other market players such as ICICI Bank and Bharti dropped significantly. Sensex has now plunged more than 240 points. Nifty too slipped down by 78 points.

Bank stocks are facing severe resistance, while Auto, capital goods, information technology, metal, realty and power stocks remained low. Besides Bharti and ICICI Bank, other companies that suffered losses during day's trading were ACC, Hindustan Unilever, ITC, NTPC, Reliance Communications, Reliance Industries, State Bank of India and Tata Consultancy Services (TCS).