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Journalism of Courage
The bourses witnessed fresh bouts of selling after a three-session gain on heightened domestic macro economic concerns following the RBI8217;s latest rate hike amid worsening global financial situation as the benchmark Samp;P CNX Nifty today plunged by 52.30 points at the NSE.
Trading resumed sharply lower on the backdrop of bearish global sentiment and heavy profit-taking. The market continued to drift as the day progressed with no support coming at lower levels. A sharp slide in European counterparts further aggravated the fall.
Global financial markets came under intense selling pressure after the weekend European Union Finance Ministers8217; meet failed provide any solution to the Eurozone debt crisis,raising fears Greece may default.
Investors are concerned about the likely slowdown in industrial growth after the recent interest rate hike and its impact on the companies8217; profitability. RBI last week hiked both repo and reverse-repo-rate by 25-basis points each.
Banking,technology,FMCG,pharma,oil amp; gas and infra counters witnessed heavy sell-off.
The 50-share Nifty index plunged to a low of 5,019.25 before concluding at 5,031.95,a net fall of 52.30 points,or 1.03 per cent,over its last close.
RInfra,Sterlite Industries,Lamp;T,ICICI Bank,Axis Bank,Sun Pharma,NTPC,DLF,Cipla and Sesa Goa were the top losers from the Nifty bunch. However,JP Associates,Maruti,GAIL,HCL-Tech,Wipro,ACC,IDFC,HDFC Bank,Kotak Bank and BPCL managed end with gains.
Turnover in cash segment fell sharply to Rs 8,184.16 crore from Rs 14,282.95 crore last Friday. A total of 5,129.78 lakh shares changed hands in 48,61,066 trades. The market capitalisation stood at Rs 59,90,938 crore.
