Markets close in red;Uncertainity to persist

Stocks across the board were severely pounded, partially due to weak global markets, and partly due to unwinding in the derivatives market. The market, whcich was weak right from the start, kept on falling with the passage of time.IT, auto and banking stocks were the worst hit sectors during today's trade, however almost all the key indices were in red for most of the time today and the market breadth also remained negative through the day.

Sensex ended down 239.98 points or 1.83% at 12884.34, and the Nifty was down 58.85 points or 1.54% at 3761.1.

Auto major Tata Motors was the top loser, down 5.02% to Rs 716.TCS slumped 4.86% to Rs 1200.Other frontline IT shares also finished weak. Satyam Computers (down 3.44% to Rs 456), Infosys (down 3.26% to Rs 1989.90) and Wipro (down 4.65% to Rs 558.90) were just a few of those.Index heavyweight Reliance Industries (RIL) was down 1.48% to Rs 1344.95.

Select pharma scrips were in demand. Ranbaxy Laboratories was the top-gainer, up 3.53% to Rs 339.80.Dr Reddy’s Labs gained 1.20% to Rs 690.