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Journalism of Courage
Investors sentiment continued to rattle,as a combination of burgeoning macro worries as well as global turmoil,amid gloomy domestic growth outlook,leading to a huge across the board sell-off pulling the benchmark Samp;P CNX Nifty to below 5,000-mark at the NSE.
The 50-share Nifty index tumbled to a low of 4,911.25 before ending at 4,946.80,a net loss of 112.65 points,or 2.23 per cent,over its last close. Global financial markets witnessed widespread sell-off spooked by failure of commitment from G-7 nations to bring world economic stability and the likelihood that Greece may be heading for default,even as the resignation of European Central bank8217;s chief added to the woes.
Trading commenced with a sharp cut as funds offloaded shares taking the key index to trade below the important 5,000 mark in the backdrop of global uncertainty. The selling further intensified after the country8217;s Industrial Production IIP growth took a beating with a slide of 3.3 per cent in July over its 9.9 per cent in July last year.
The steep fall in European bourses further escalated the sell-off with market plunging into deep red. Though the selling was massive,banking,technology,oil amp; gas and capital goods was the most affected sectors. HCL Tech,R Power,Hindalco,Reliance Infra,IDFC,Axis Bank,SBIN,Tata Steel,JP Associates and SAIL were the top losers from the Nifty.
Turnover in cash segment dropped to Rs 9,893.50 crore from Rs 12,129.28 crore last Friday. A total of 6,024.38 lakh shares changed hands in 52,42,864 trades. The market capitalisation stood at Rs 58,90,142 crore.
