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Shares crash on global turmoil; Nifty tanks 1.85%, metals melt

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Press Trust of India Mumbai
Last Updated : Dec 16 2014 | 11:45 PM IST
Jitters over global slowdown on the back of plunging oil prices amid looming fears of a US interest rate hike triggered a widespread panic sell-off on the Indian bourses today.
The 50-share CNX Nifty index tumbled by a whopping 152 points, or 1.85 per cent - its second biggest single-day drop till now in 2014 - to finish at 8,067.60 on the National Stock Exchange (NSE). As many as 43 of the 50 Nifty shares posted losses.
With sentiment already dented by recent contraction in industrial output data, widening trade deficit and a sharp fall in rupee against the dollar led to rising concerns about domestic growth.
The overnight interest rate hike by the Central Bank of Russia to halt a collapse in the rouble as the oil-dependent economy slides towards a recession on the back of plunging oil prices and sluggish macro data from China cast a long shadow on local markets and fuelled a sweeping sell-off.
Metal stocks bore the maximum brunt of the selling, with the sectoral index tanking 4.25 per cent. This followed by realty (4.05%), FMCG (3.07%), Banking (2.95%), Energy (1.88%), Auto (1.83%) and Infra (down 1.68%).
Mid and small-caps, too, were hammered.

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ICICI Bank, ITC, HDFC, SBI, HDFC Bank, Tata Motors, Dr Reddy's, Reliance, Sesa Sterlite, HUL, ONGC, L&T, Sun Pharma, M&M, Hindalco, Kotak Bank, NTPC, Bank of Baroda, Maruti and Tata steel were among the major contributors to index fall.
However, technology counters withstood the carnage due to a weak rupee. Good buying was seen in TCS, HCL Tech, Tech Mahindra and Infosys.
Turnover in the cash segment shot-up to Rs 18,260.22 crore from Rs 14,011.68 crore yesterday. A total of 10,239.33 lakh shares changed hands in 84,83,269 trades, while market capitalisation stood at Rs 92,03,336 crore.

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First Published: Dec 16 2014 | 11:45 PM IST

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