After a record-breaking run, the benchmark Nifty lost 44 points and plunged below the key 8,400 mark on late selling in frontline stocks at the National Stock Exchange (NSE) today.
Financial stocks, led by PSU banks which had rallied recently, fell prey to heavy profit-booking. Metal, energy, auto, infra, FMCG and healthcare shares also succumbed to unwinding alongside mid and small-cap scrips.
Though the sell-off was largely broad-based, technology stocks survived the negative trend.
After hitting another lifetime high in early trade, the key index soon lost ground and turned volatile as gains could not be sustained due to selling pressure at higher levels. The 50-share index traded in a tight range during most part of the day before witnessing selling in late trades.
A cautious undertone across the global markets ahead of the release of minutes of US Fed and rate hike speculation forced savvy traders to liquidate their holdings in run up to expiry of derivatives contracts next week, a trader said.
The Nifty slumped by 43.60 points, or 0.52 per cent over last close, to finish at 8,382.30 after scaling a new historic peak of 8,455.65 in intra-day trade. The benchmark index also touched a low of 8,360.50.
Other Asian and emerging markets also saw sharp selling after the Bank of Japan said it would keep monetary policy steady amid concerns over slowing global growth.
Key draggers included Tata Motors, Sun Pharma, ONGC, Reliance, ITC, SBI, HDFC Bank, Tata Steel, M&M, Sesa Sterlite, Asian Paints, TCS, Gail, Axis Bank, NTPC, IDFC, Cairn, Cipla, Bhel, Power Grid, Coal India and PNB.
Notable gainers were HDFC, L&T, HCL Tec, Dr Reddy's Lab, HUL, Zee Entertainment, Tech Mahindra, Bajaj Auto, Bharti Airtel, ICICI Bank, BPCL and Lupin.
Turnover in the cash segment rose to Rs 18,439.57 crore from Rs 18,293.05 crore yesterday. A total of 9,540.04 lakh shares changed hands in 81,64,168 trades, while market capitalisation stood at Rs 96,12,058 crore.
