Indian markets crumbled under heavy selling triggered by a meltdown in global bourses amid domestic macroeconomic worries as the NSE benchmark CNX Nifty crashed by 61 points to close below the 5,700 mark, ignoring the Government assurance of more reforms to boost growth.
FMCG, financials, technology, healthcare, auto and oil & gas sectors bore the brunt of frantic sell-off.
Financial markets across the world witnessed panic selling on fears over major Central banks rolling back their stimulus measures. The move by World Bank to slash global growth forecast this year to 2.2 per cent from 2.4 per cent earlier also dampened the investor sentiment.
The Finance Minister's assurance that the Government will take all possible steps to spur growth and investment failed to impress the market, which was also not moved by rating agency Fitch's decision yesterday to revise India's credit outlook to stable from negative.
After a sharp gap-down opening, the key index remained under intense selling throughout the session. The 50-share Nifty closed at 5,699.10, down 61.10 points, or 1.06 per cent, after plunging to an intra-day low of 5,683.10.
PNB, Bank of Baroda, GAIL, Tata Motors, NMDC, M&M, Tata Steel, Sun Pharma, Sesa Goa and IDFC were the top losers from the index pack.
The notable gainers included Hindalco, Bharti Airtel, Jindal Steel, SBI, Ambuja Cement, Cairn, HUL, Kotak Bank and Reliance.
Turnover in the cash segment dropped to Rs 9,998.73 crore from Rs 11,630.03 crore yesterday. A total of 5,663.61 lakh shares changed hands in 55,89,624 trades. Market capitalisation stood at Rs 61,94,874 crore.
