Nifty breaks 7k-level, logs biggest fall in 6 months

Domestic equities reflected global markets sentiment with the benchmark Nifty logging its biggest single-day fall in nearly six months to end below the crucial 7,000-level to 6,976.35.
Investors digested US rate hike timeline after comments made by US Federal Reserve chair Janet Yellen in her semi-annual monetary policy report yesterday reiterating that the Fed move would be gradual on interest rate hike, while warning on global financial turmoil could hurt US growth.
Also, fresh crude oil slide below USD 27 a barrel intensified the global stock slide on deepening economic slowdown worries.
On the domestic front, weak quarterly earning results played havoc on investors sentiment, particularly country prime lender bank SBI posted 67 per cent decline consolidated profit for its third quarter ended December 31, 2015-16 on higher provisioning for bad loans as key indices entered bearish zone as selling intensified from afternoon.

The sell-off was widespread led by Realty (6.04 per cent), Financials (4.19 per cent),Energy (3.96 per cent), Bank (3.84 per cent), Metal (4.39 per cent), Infra (3.75 per cent), Media (3.75 per cent), Auto (3.51b per cent), PSU Bank (3.17 per cent), Commodities (3.40 per cent), FMCG (3.00 per cent), Pharma (2.23 per cent) and IT (2.71 per cent).
Elsewhere, Asian market ended weak, while European shares plunged led down by a renewed slump in banks and miners.

The 50-share Nifty opened flat at 7,203.60 and moved between 7,208.65 and 6,959.95 before ending at 6,976.35, showing a dip of 239.35 points, or 3.32 per cent.

The Nifty had last closed at 6,858.80 on May 9, 2014, while the last biggest single day fall of 490.95 or 5.92 per cent seen on August 24,2015.
Major losers were Adani ports (7.89 per cent), VEDL (7.36 per cent), BHEL (6.05 per cent), Kotak Bank (5.75 per cent), Tata Motors (5.21 per cent), HDFC (4.47 per cent), Reliance (3.96 per cent), ITC (3.38 per cent), Infy (2.70 per cent) and L&T (2.52 per cent).
Turnover in cash segment rose to Rs 18,956.39 crore from Rs 17,322.29 crore yesterday. A total of 12,108.83 lakh shares changed hands in 89,31,863 trades.

The market capitalisation of NSE stood at Rs 84,65,970 crore.