Nifty tanks 89 pts on GST hangup, Fed rate hike woes

Indian markets succumbed to massive panic unwinding - a perfect storm brewing on worries over delay in the progress of key economic reforms including the implementation of GST amid global growth uncertainty.
It sent the benchmark Nifty tumbling by a whopping 89 points to end at 7.612.50 - its lowest level in three months on the National Stock Exchange(NSE).
Reeling under fears of a China-led global economic slowdown, US Fed rate hike environment and growing worries that key reforms bill's passage through Parliament may get delayed due to ongoing disruption of the 'winter session' proceedings, mainly rattled investors' sentiment.
The health of Chinese economy heightened after a sharp decline in FX reserve intensified worries over capital outflows alongside disappointing trade data in November further indicated the seriousness in the growth slowdown in world's second largest economy.

After a weak start, bourses continued to show a sluggish trend in the noon deals along with stock specific actions. However, volatility returned to market in late afternoon trade with investors resorting to heavy selling.
Elsewhere in the region, barring Shanghai, rest all Asian equities remained under pressure due to sliding crude oil prices and also impacted by renewed commodity meltdown.

The 50-share Nifty resumed lower at 7,695.50 and plunged further to hit session's low of 7,606.90 before ending at 7,612.50, revealing a steep fall of 89.20 points, or 1.16 per cent.
Metal emerged the biggest laggard in the sectorial indices, tumbling 3.18 per cent, followed by pharma (2.05 per cent), energy (1.77 per cent), auto 1.74 per cent, media (1.47 per cent), infra (1.46 per cent), realty (1.23 per cent), PSU Bank (0.97 per cent), Nifty bank (0.84 per cent) and FMCG (0.36 per cent).

Major index losers were Reliance, Infosys, HDFC, Tata Motors, Adani Ports, Axis Bank, ICICI Bank, Sun Pharma, Lupin, Bajaj Auto, Asian Paints, Cipla, Dr Reddy's and Bharti Artel.
However, TCS, ITC, Bhel and ONGC and NTPC withstood the carnage.
Turnover in cash segment rose to Rs 14,890.3 crore from Rs 13,656.96 crore yesterday. A total of 9,114.77 lakh shares changed hands in 68,37,970 trades.
The market capitalisation of NSE stood at Rs 93,25,996 crore.