Nifty tanks 113 points on weak global cues

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Mumbai: The benchmark Nifty tanked 112.90 points to end below the crucial 8,400-level Wednesday, mainly dragged down by selling in realty, metals, energy, banking and financials space reacting to weak global cues after China devalued its currency yesterday.

Market saw bulls withdrawing from the stage to make way for bears after the overnight devaluation of yuan triggered a clobber across the global financial markets, also reflecting the Indian benchmarks, which was already bridled by uncertainty over passage key GST bills and unexciting earning results.

The rupee dropping to two-year low and key government inflation data of IIP and CPI which would released after the market hours today also added nervousness to the trade.

The key index opened with an down gap before moving range-bound for more than half the session, later dropped to end in deep red.

Barring IT and Pharma shares which surged on rupee slide, the bources witnessed substancial selling led by realty (5.59 percent), metal (4.32 percent), PSU bank (3.85 percent), banking (2.99 percent), financials (2.80 percent), auto (2.46 percent), energy (2.35 percent), infra (2.16 percent) and FMCG (1.16 percent).

The second lines shares of smallcap and midcap shares tumbled by 2.49 percent and 2.68 percent.

Elsewhere, Asian stocks ended negative, while European trading lower on concerns over China’s growth outlook. China’s unexpected devaluation of the yuan.

The broader 50-share Nifty opened lower at 8,445.70 and moved between 8,446.95 and 8,337.95 before ending at 8,349.45, showing a fall of 112.90 points or 1.33 percent.

Stockwise, major losers were VEDL (7.85 percent), Hindalco (7.12 percent), BPCL (5.97 percent), Coal India (5.42 percent), SBIN (4.63 percent), Tata Motors (3.78 percent), ICICI Bank (3.51 percent), Reliance (2.39 percent), Axis Bank (2.35 percent) and HDFC (2.22 percent).

While, notable gainers were HCL Tech (3.23 percent), Infy (3.18 percent), TechM (3.13 percent), Sun Pharma (2.90 percent) and TCS (2.59 percent).

Turnover in the cash segment climbed to Rs 19,361.00 crore compared with Rs 17,477.70 crore yesterday.

A total of 9,772.15 lakh shares changed hands in 84,59,282 trades and the total market capitalisation of NSE stood at Rs 99,91,227 crore.

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