Nifty tanks 36 pts on selling; bank scam dents sentiments
As the Finance Ministry and RBI began gathering details regarding the alleged scam in which the names of ICICI Bank, HDFC Bank and Axis Bank have cropped up, nervousness was palpable in the market which rallied yesterday.
Standard & Poor's comment that India may find it challenging to meet the revenue projections, and selling ahead of next week's RBI policy meet also weighed on the market.
Continuing with its overnight momentum, the market got off to a firm start, supported by positive global cues amid aggressive buying across the sectors. But bourses turned choppy in afternoon and slipped into deep red on back of selling in financials, energy, auto, infra and metal scrips.
However, good buying support from pharma and technology stocks cushioned the fall to some extent.
Meanwhile, most Asian peers rebounded from overnight plunge with Japanese shares hitting fresh multi-year highs following strong US jobless claims report which fell to 5-year low amid growth optimism over the world's largest economy.
The Dow Jones Industrial Average extended its winning spree to the tenth session and closed at another record high.
The 50-share Nifty oscillated between a high of 5,945.65 and a low of 5,861 before finishing at 5,872.60, a fall of 36.35 points, or 62 per cent, from the last close.
Among key Nifty losers DLF plummeted 4.44 per cent, ICICI Bank 3.72 per cent, Tata
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