NSE Nifty tanks 80 points in late sell-off, bank stocks hit hard

Nov 20 2013, 22:42 IST
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SummaryBanking stocks were the worst hit followed by FMCG, energy, healthcare, technology, auto and capital goods shares.

Snapping their three-session uptrend, stocks plunged to multi-week lows as a selling wave swept across the bourses in closing hours, pulling down the benchmark CNX Nifty by a massive 80 points to close below the 6,200 mark on the National Stock Exchange (NSE) today.

Banking stocks were the worst hit followed by FMCG, energy, healthcare, technology, auto and capital goods shares.

After trading in a tight range during most part of the day, the key index succumbed to a sudden tail-end selling as investors turned cautious and booked profits after the recent relief rally amid uncertainty ahead of the release of minutes of Federal Reserve's October meeting.

Recently, financial markets across the globe witnessed a relief rally triggered by dovish comments from Fed Vice- Chair Janet Yellen, who is set to take over as the chief of US central bank, over the stimulus programme.

Other Asian and emerging market, too, ended mostly lower, taking cues from overnight selling at Wall Street.

The 50-scrip Nifty touched a high of 6,204.35 and a low of 6,106.95 before ending at 6,122.90, registering a sharp fall of 80.45 points, or 1.30 per cent, over the last close.

ICICI Bank, JP Associates, BPCL, Hindalco, IndusInd Bank, PNB, Bank of Baroda, Bharti Airtel, Maruti and SBIN finished with sharp losses. Coal India, Sesa Sterlite, Tata Power and ACC were the only index gainers.

The turnover in the cash segment jumped to 11,428.33 crore from 10,976.05 crore yesterday. A total of 6,919.11 lakh shares changed hands in 61,25,828 trades, while market capitalisation stood at Rs 65,88,126 crore.

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