The benchmark Nifty nose-dived 122.40 points, the biggest single-day fall not seen over three weeks, hurt by the global sell-off following release of the minutes of the FOMC meet, as the selling spree led the index to close below the crucial 8,400-level at the National Stock Exchange (NSE).
The Federal Market Open Committee (FOMC) the policy making arm of the US Federal Reserve yesterday night released its minutes which suggested that the September rate hike was still on the table led to a sharp sell-off in stocks and commodities across the globe.
The rupee weakness to its two-years lows coupled with reports of deficit monsoons and continued FII sell-off added to the rout.
The index opened weak on negative global cues and traded in tight range till afternoon, later sustained bouts of profit-booking led the market to end in deep red.
Sectorwise, Realty suffered the most with fall 4.04 per cent followed by PSU Bank 3.39 per cent, Media 2.80 per cent, Energy 2.39 per cent, Banking 2.25 per cent, Metal 2.32 per cent, IT 2.15 per cent, Auto 1.72 per cent, Financials 1.63 per cent and Infra 1.46 per cent.
Both midcap and smallcap shares fell 2.34 per cent and 2.94 per cent respectively.
However, FMCG and Pharma saw some buying interest.
Elsewhere, Asian stocks ended lower with China's Shanghai Composite finish sharply negative at 3.42 per cent fall. While European markets trading lower on concerns over global growth.
The broader 50-share Nifty hovered between a high of 8,501.35 and a low of 8,359.75 before closing at 8,372.75, showing a fall of 122.40 points, or 1.44 per cent over its last close.
Stockwise, major losers were Yes Bank (7.00 per cent), Cairn (6.33 per cent), PNB (5.36 per cent), Reliance (4.01 per cent), VEDL (3.80 per cent), Axis Bank (3.72 per cent), Infy Bank (3.49 per cent) and Tata Motors (2.58 per cent).
Notable gainers were Lupin (5.30 per cent), ITC (3.93 per cent), BPCL (1.69 per cent), Dr Reddy (1.52 per cent) and Sun Pharma (0.96 per cent).
Turnover in the cash segment jumped to Rs 20,522.89 crore compared to Rs 17,377.37 crore yesterday.
A total of 10,842.73 lakh shares changed hands in 89,85,839 trades and the total market capitalisation of NSE stood at Rs 10,003,870 crore.
