Market rattles on US credit downgrade

Trading commenced with the key index taking a sharp three per cent fall mirroring the global volatility and plunging further as panic stricken investors went on frantic selling across the board. The market swung wildly with heavy fluctuations,according to the global trends.

Surprisingly,the panic was short-lived as visible stability in European opening provided much need relief to the falling market,which recovered most of its loses in mid- afternoon trade above the 5,100 mark helped by low level buying in frontline counters.

However,volatility once again struck the market during the final hour of trade before concluding the session,better than other global peers.

The 50-share index tumbled to an intra-day low of 5,054.05 before concluding the trade at 5,118.50,a net fall of 92.75,or 1.78 per cent over its last close.

Reliance Capital,Hindalco,Rpower,DLF,Tata Motors,Reliance Infra,SAIL,HCL-Tech,TCS and Tata Steel were the top losers from the Nifty.

However,Hero Motoco,M&M,PNB,ONGC,Ambuja Cement,ACC,Bajaj Auto,Dr Reddys,IDFC and Ranbaxy managed to end with handsome gains.

Turnover in cash segment declined to Rs 13,420.86 crore from Rs 14,273.88 crore last Friday. A total of 7,428.02 lakh shares changed hands in 70,02,808 trades. The market capitalisation stood at Rs 61,04,414 crore.