Market shivers on global growth concerns; Nifty tanks 101 pts

Mounting concerns over the outlook for global economic growth as well as lasting impact on shaping US interest rate expectations rattled investor sentiment triggering a widespread sell-off on bourses even as Infosys posted a better-than-expected earnings.
The bellwether Nifty index plummeted by a whopping 100.60 points, or 1.26 per cent to finish at 7,859.95 after hitting an intra-day low of 7,848.45 on the National Stock Exchange (NSE) today.
Sentiment turned sour a day after market witnessed a dramatic sharp pullback riding on the wave of global relief rally.
Disappointing trade data in Germany raised concerns that the biggest Eurozone economy might be heading towards recession in the backdrop of IMF warning amid fears fallout from the Fed's stimulus withdrawal as the US central bank ends its multi billion-dollar support programme this month sent financial markets worldwide into a tail-spin.

Metal, auto, FMCG, infra, financials and energy related counters hit hardest even as mid-cap and small-cap stocks cashed in heavily.
Bourse failed to yield any results from the robust earnings from the tech major Infosys, which kicked off second quarter earnings season with a bang.

Market participants are exhibiting growing nervous and building negativity to swelling global slowdown fears and likely to keep market highly volatile in near-term, a floor trader commented.
ITC, Tata Motors, HDFC, HDFC Bank, ICICI Bank, M&M, L&T, TCS, Sesa Sterlite, ONGC, Bharti Airtel, HUL, Axis Bank, Tata Steel, Hindalco, Ultracemco, SBI, Cairn, Kotak Bank, NMDC, Maruti, Coal, Zee, Cairn and Grasim were among the biggest index laggards.

However, frontline technology stocks withstood the market carnage on sentimental value following stronger-than expected earnings from the IT major Infosys as well as surprise bonus share in the ratio of 1:1.
The Bangalore-based firm posted 28.6 per cent jump in consolidated net profit to Rs 3,096 crore for the second quarter ended September 30.
Other notable gainers included heavyweight Reliance, Sun Pharma and Asian Paints.
Turnover in the cash segment rose to Rs 15,857.30 crore from Rs 14,388.07 crore yesterday. A total of 7,613.54 lakh shares changed hands in 66,89,112 trades, while market capitalisation stood at Rs 90,42,991 crore.