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Nifty fell 168.20 points, closing below psychological 11,000 levels

Devdiscourse News Desk
Updated: 24-09-2018 23:07 IST
Nifty fell 168.20 points, closing below psychological 11,000 levels

Extending losses for the fifth straight session, NSE benchmark Nifty fell 168.20 points to 10,974.90, closing below psychological 11,000 levels amid intense selling pressure and subdued global markets.

The index witnessed massive rout in realty, auto, finance service, banking, pharma, media, metal, FMCG, and Infra sectors as global shares declined after renewed uncertainty over US-China trade relations.

Also, investors took a cautious stance ahead of a US Federal Reserve meeting tomorrow.

Shares of non-banking finance companies (NBFCs) plummeted further over fears of a liquidity crunch. The rupee also weakened against the US dollar, tracking heavy selloff in the local equity markets.

The key indices opened positive and quickly succumbed to broad-based selling pressure to end with the massive loss.

Overseas, European stocks were trading lower as investors braced for another round of tariffs war between the two major economies. Most Asian stocks were trading lower.

The Nifty 50 index fell 168.20 points or 1.51 percent to end at 10,974.90, its lowest closing level since July 19, 2018. The index rose 27.05 points to the day's high of 11,170.15. The index fell 199.50 points to the intra-day low of 10,943.60. It saw an intra-day movement of 126.55 points.

Among the sectoral indices, realty dropped by 5.53 per cent, auto 3.72 per cent, finance service 3.55 per cent, PSU bank 3.11 per cent, Private Bank 2.62 percent, pharma 2.47 per cent, media 2.44 per cent, FMCG 2.02 per cent, infra 1.80 per cent and metal 1.14 per cent.

However, IT and Energy rose by 2.27 and 0.23 percent.

Major index gainers were TCS, Coal Ind, Infosys, TechM, Reliance, HclTech, ONGC, Dr. Reddy and Hindalco.

Losers included IbulHsgFin, Eicher Motors, Mahindra & Mahindra, HDFC, Baj Finsv, IndusInd bank and Adani Ports.

The market breadth, indicating its overall health, remained negative. On the NSE - 280 stocks advanced, 1,615 declined and 64 remained unchanged.

Turnover in the cash segment fell to Rs 42,195.77 crore from Rs 66,046.39 crore as on last Friday.