Indian shares hit Chinese wall, Nifty tanks 1.16% on sell-off

Logging losses for a third straight session today, the benchmark Nifty tanked by nearly 100 points and slipped below 8,400 mark on across-the-counter selling on the NSE triggered by a crash in Chinese markets.
Chinese shares plunged sharply by 5.4 per cent on sell -off fuelled by weak GDP expectation in 2015 and liquidity fears amid global financial crisis.
The selling was persistent despite robust FII inflows into Indian stocks amidst widening current account deficit. Mid and small-cap shares slipped 1.63 per cent and 1.68 per cent respectively.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a whopping Rs 4,984.60 crore yesterday, as per provisional data from stock exchanges.

The 50-share index traded between a high of 8,444.50 and a low of 8,330.50 before ending at 8,340.70, showing a fall of 97.55 points, or 1.16 per cent.
Asian stocks fell after drop in Chinese stocks, while European stocks also traded lower in opening trade.
Top five losers are Sesa Sterlite 5.16 per cent, ONGC 4.40 per cent, Bharti Airtel 4.22 per cent, Tata Power 4.15 per cent and NTPC 3.54 per cent. Other notable laggards included Tata Steel, Bank of Baroda, ACC, L&T and BPCL.
Turnover in the cash segment dropped to Rs 16,148.95 crore from Rs 22,771.17 crore yesterday. A total of 7,954.11 lakh shares changed hands in 73,81,870 trades, while market capitalisation stood at Rs 95,58,865 crore.