Global sell off rattles Indian markets; Nifty at 2-month low

Jan 27 2014, 23:03 IST
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Shares crashed on RBI policy meet. Reuters Shares crashed on RBI policy meet. Reuters
SummaryShares crashed on RBI policy meet...

Shares crashed on RBI policy meet eve in the wake of sell-off in global markets as the benchmark index Nifty dropped below the 6,200 mark and ended at near two -month low on the National Stock Exchange (NSE) today.

Global sell-off due to a slowdown in China, concerns of liquidity crunch over further tapering by US Federal Reserve and selling in emerging market currencies combined to rattle Indian bourses. These factors also cast a shadow on Indian rupee, which fell below 63 level against US dollar.

Nervousness over RBI interest rate hike after its warning over inflation and intense profit booking ahead of monthly- expiry on Thursday added to the gloom in the market.

Selling was seen across the board, led by interest rate sensitive stocks. Realty index nosedived 7.44 per cent, banking 4.02 per cent and auto skidded 3.28 per cent. Metal stocks also received a hammering.

Shares of small and mid-cap companies plunged 3.52 per cent and 2.86 per cent, respectively.

The market opened lower on weak Asian stocks and traded in the red before ending with massive drop.

The 50-share index traded between a high 6,188.55 and a low of 6,130.25 before closing at 6,135.85, a fall of 130.90 points, or 2.09 per cent, over the previous close.

Major losers were, JP Associates, DLF, Ranbaxy, Tata Motors, Tata Steel, IDFC, Bank of Baroda, PNB, ICICI Bank, IndusInd Bank.

Turnover in the cash segment climbed to Rs 11,835.36 crore from Rs 10,755.34 crore last Friday. A total of 6,289.38 lakh shares changed hands in 61,63,894 trades, while market capitalisation stood at Rs 65,93,522 crore.

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