NSE Nifty tanks 1% as growth woes, rate cut uncertainty dents markets
Financials, technology, auto, energy and metal stocks were among the top losers. Mid and small stocks were once again hammered with scrips tumbling between 5 to 10 per cent. The sectoral CNX-Nifty fell by a massive 184 points.
Fading rate cut hopes on the back of conflicting macro economic indicators and tomorrow's headline inflation numbers ahead of the RBI's March 19 policy review meet weighed on the market, which saw heavy unwinding from traders.
The sentiment was further dampened by signs of global equities losing momentum after a recent rally.
Indian economy provided hints of some pick-up in activity with slight improvement in industrial output for January but consumer inflation remained stubbornly high.
US stocks ended lower on Tuesday, but the Dow Jones managed to finish at record high for the sixth straight day.
The 50-share Nifty plummeted to a low of 5,842.25 before concluding at 5,851.20, posting a steep fall of 62.90 points, or 1.06 per cent, from the last close.
Among the top Nifty laggards, Hindalco fell 3.77 per cent, Siemens 3.48 per cent, ICICI Bank 3.48 per cent, Bajaj Auto 3.45 per cent, Kotak Bank 3.43 per cent, Jindal Steel 3.38 per cent, Bank of Baroda 3.10 per cent, Axis Bank 3.09 per cent, Maruti 3 per cent and ACC slumped 2.88 per cent.
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