Nifty surrenders gains for the year; tanks below 8,200 mark

In another major setback for the India markets, the NSE-benchmark Nifty today crashed below its crucial psychological 8,200 mark and wiped out its entire gains made this year as selling remained unabated.
Plagued by continued worries about retrospective taxes and lower-than-expected January-March earnings alongside unwinding pressure on April derivatives expiry kept bourses under immense pressure.
Financial markets across the globe too faced extensive unwinding jolted by lower-than-expected US growth data amid cautious comments from the Federal Reserve on interest rate hike decision.
Though, market managed to recover partially in mid afternoon trade on the back some value buying and hectic short-covering.

Apart from lacklustre corporate earnings outcome, investors also focused on the Federal Reseve's slightly hawkish monetary policy statement against the backdrop of lower-than-expected first-quarter US GDP data.
Meanwhile, global rating agency said that any upgrade in India's sovereign rating will depend on implementation of policies and improvement in business environment alongwith infrastructure growth.

The bellwether Nifty started the year at 8,272.80 and sprinted to conquer a historic high of 9,119.20 in March as Indian markets witnessed series of record breaking rallies and powered ahead with vigor and strength after the Modi wave engulfed confident investors sentiment amid promising economic recovery and policy measures to keep growth momentum at a healthy pace.

The broader 50-share index plunged by hefty 58.25 points, or 0.71 per cent to end at 8,181.50, or 0.71 per cent after hitting a fresh intra-day low of 8,144.75 during the trade.
Metal, FMCG, Auto, Infra and Technology were the top sectoral losers, while Healthcare, Energy, Banking and Realty remained largely unaffected by the selling pressure.
HDFC was the biggest index laggard, sliding nearly 3 per cent. It followed by ITC, Tata Motors, IDEA, L&T, Infosys, TCS, M&M, Dr Reddys, HDFC Bank, ZEE, Bharti Artel, SBI, Tata Steel, Heromotoco, HUL, Maruti, Coal India, ONGC, ACC, Ambuja Cement, Bajaj Auto and Indusind Bank.

The key smart movers included Axis Bank, Reliance, Lupin, ICICI Bank, BHEL, Asian Paints, Vedanta and Cipla.
Turnover in the cash segment shot-up to Rs 25,559.31 crore from Rs 16,801.59 crore yesterday. A total of 9,898.23 lakh shares changed hands in 87,44,535 trades. The total market capitalisation of NSE stood at Rs 9,686,324 crore.