NSE Nifty plunges 35 pts amid concerns over growth, weak earnings
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Huge selling towards the end of the trading session amid concerns over growth and weak earnings reported by couple of corporates today led the benchmark CNX-Nifty to close 35 points down at 5,903.50, nearly six-week low, on the National Stock Exchange (NSE).
FMCG, oil & gas, financials, pharma, auto and metal counters mainly bore the brunt of sell-off as investors worried about the worsening macroeconomic situation dumped stocks resulting in the market registering a fall for the seventh session in a row.
The disappointing Q3 earnings by top corporates like Hindalco and Canara Bank further dampened the trading sentiment.
Earlier in the day, the market saw some buying support, mainly in auto counters and the recently beaten down stocks. But subsequently, there was considerable volatility and the key-index went down below the 5,900 level for a brief period before regaining some lost ground on buying support in technology and infra stocks.
On the global front, most Asian bourses ended higher after China's trade data beat forecasts, showing a strong recovery trend.
The 50-share Nifty swung widely between a high of 5,953.70 and a low of 5,883.65 before closing at 5,903.50, a fall of 35.30 points, or 0.59 per cent, over the last close.
Ambuja Cement, ACC, Hindalco, Cipla, Reliance Infra, Sesa Goa, Ultracem, Dr Reddy, Maruti and BPCL were among the major losers from the Nifty bunch. The smart movers included TCS, Wipro, HDFC Bank, BHEL, L&T, HCL-Tech, Bharti Airtel, NTPC and Tata Power.
Turnover in cash segment rose to Rs 12,477.37 crore from Rs 11,249.57 crore yesterday. A total of 6,987.59 lakh shares changed hands in 62,14,221 trades. The market capitalisation stood at Rs 66,68,807 crore.
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