Nifty drops to two-week low; Cipla, Coal India take a hit

Feb 13 2014, 22:03 IST
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The benchmark index CNX Nifty today tumbled sharply and hit nearly two weeks low. Reuters The benchmark index CNX Nifty today tumbled sharply and hit nearly two weeks low. Reuters
SummaryThe benchmark index CNX Nifty today tumbled sharply and hit nearly two weeks low...

The benchmark index CNX Nifty today tumbled sharply and hit nearly two weeks low on across- the-board selling on the National Stock Exchange (NSE) fuelled by economic concerns, dismal earnings and weak global cues.

However, despite an 83-point drop, the 50-share index managed to hold on to the important 6000-level. Banking, FMCG, pharma, energy and metal shares led the fall.

Renewed macro worries, reflected in contraction of industrial output data in December, triggered the sell-off. Decline in retail inflation to two-year low of 8.79 per cent in January failed to perk up investors and market players.

Fall in global markets, including in Europe, ahead of US data release, also dented sentiments on Indian bourses.

Disappointing Q3 numbers from pharma major Cipla and Coal India further jolted the markets. The Cipla scrip crashed nearly 8 per cent, while Coal India slipped 3.30 per cent.

Index major Reliance dropped 1.28 per cent on profit- booking. Shares of mid and small-cap companies also suffered.

The Nifty traded between a high of 6,094.40 and a low of 5,991.10 before ending at 6,001.10, down 82.90 points, or 1.36 per cent, from its previous close.

Major losers were Cipla, Bank of Baroda, Grasim, BHEL, IDFC, Jindal Steel, PNB, Hindalco, Ambuja Cement, Coal India.

Turnover in the cash segment declined to Rs 9,221.19 crore from Rs 9,955.19 crore yesterday. A total of 4,898.41 lakh shares changed hands in 51,11,087 trades, while the market capitalisation stood at Rs 65,20,244 crore.

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