Nifty sinks 83 points on heavy sell-off, Ambuja Cement cracks

Market witnessed frantic sell-off for the second consecutive day on concerns about RBI's efforts to squeeze money supply amid earnings slowdown fears with the benchmark CNX Nifty plunging by another 83 points on the National Stock Exchange (NSE) today.
Investors resorted to heavy selling, worried that recent measures by the apex bank to tighten domestic liquidity could backfire and damage India's overall economic growth. Disappointing corporate numbers added to the bearish mood.
Though heavyweight ITC reported a healthy 18 per cent rise in Q1 net profit, in line with market expectation, sales numbers fell below market estimates.
Moreover, volatility owing to July F&O series expiry further added pressure. FMCG, healthcare, financial, energy, capital goods and metal stocks encountered massive unwinding.

Market opened on a sluggish note ahead of expiry and selling in frontline counters amid lackluster global cues.
The sell-off deepened as the session progressed with the 50-share index briefly falling below the 5,900 mark before pulling back on low-level buying in auto and tech stocks.

Elsewhere in Asia, most stocks ended marginally lower on earnings concerns despite strong macro economic data from US and Europe.
The Nifty tanked by a hefty 83 points, or 1.39 per cent, to conclude at 5,907.50.
Ambuja Cement topped the losers' list with the stock crashing by over 10 per cent on Holcim restructuring deal. JP Associates, ITC, Tata Power, NMDC, Grasim, UltraTech, Tata Steel, HUL and BHEL were other major laggards from the index.

Gainers included HeroMoto, Asian Paints, BPCL, Tata Motors, Axis Bank, HCL Tech, TCS, Power Grid, ONGC and DLF.
Turnover in the cash segment jumped to Rs 14,318.12 crore from Rs 11,622.62 crore yesterday. A total of 7,360.86 lakh shares changed hands in 59,22,002 trades. The market capitalisation stood at Rs 63,15,086 crore.