Nifty plunges below 5,600 mark on global woes, rupee slide
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Nifty plunges below 5,600 mark on global woes, rupee slide

Last Updated: Monday, June 24, 2013, 22:28
 
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Nifty plunges below 5,600 mark on global woes, rupee slide
Mumbai: Growing concerns about global liquidity squeeze amid uncertain domestic economic outlook on weakening rupee rattled Indian bourses Monday as the benchmark CNX Nifty nosedived by a massive 77 points to close below 5,600 level on the National Stock Exchange (NSE).

FMCG, financial, energy, technology, auto, infra, healthcare and metal shares alongside mid and small-caps fell prey to frantic unwinding from investors and fund houses.

Short selling and winding out long positions ahead of F&O expiry this week also put pressure on the market.

The weakening rupee, which plunged to a new life-time low against the dollar today, and its impact on macroeconomic imbalance and capital outflows continued to trouble investors.

Already rattled by prospects of the US Fed stopping its easy money policies, the markets received further jolt by downgrading of China's growth outlook by Goldman Sachs amid looming credit crisis in the world's second largest economy.

Trading commenced on a sluggish note in the backdrop of unfavourable global developments and selling in frontline stocks. Selling intensified after the 50-share index broke the 5,600 level in mid-afternoon and it ended deep in the red.

The Nifty tumbled 77.40 points, or 1.37 percent, to finish at 5,590.25, its lowest level since April 15.

JP Associates, Ranbaxy, DLF, Kotak Bank, Asian Paints, Cairn, Reliance Infra, PNB, Sesa Goa and Ambuja Cement were key Nifty losers. Top gainers included Jindal Steel, Lupin, ACC, ICICI Bank, HDFC, Bank of Baroda, Reliance, Tata Power, Coal India and Hindalco.

Turnover in the cash segment dropped to Rs 10,313.12 crore from Rs 11,938.77 crore last Friday. A total of 6,069.59 lakh shares changed hands in 57,59,180 trades. The market capitalisation stood at Rs 60,32,547 crore.

PTI


First Published: Monday, June 24, 2013, 22:28


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