The Nifty today tumbled below the crucial 8,800-level, logging its the biggest fall in over two months, on heightened expectations of a sooner-than-expected rate hike by US Federal reserve after a strong jobs report.
Selling pressure dominated as the market traded negative throughout the session tracking weak Asian cues coupled with tepid fourth quarter earnings outlook of country's largest software firm TCS.
Barring pharma, which witnessed slight buying rest all other counters saw heavy unwinding mainly led by Banking 3.05 per cent, Infra 3.05 per cent, Realty 2.80 per cent, Metal 2.44 per cent, Finance 2.72 per cent, Energy 2.19 per cent, IT 1.92 per cent, PSU Banks 1.56 per cent and Auto 1.12 per cent.
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Broader market also fell with shares of midcap and smallcap companies losing more than one per cent.
The 50-share Nifty resumed gap down and dipped to a low of 8,740.45 before closing at 8,756.75, showing a fall of 181 points, or 2.03 per cent, over its previous close.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 79.84 crore last Thursday, as per provisional data of stock exchanges.
Elsewhere, most of the Asian stocks dropped tracking US jobs data.
Major losers from the Nifty pack include Sesa Sterlite 5.26 per cent, Hindalco 4.93 per cent, BHEL 4.35 per cent, ICICI Bank 4.30 per cent, GAIL 4.23 per cent, Axis Bank 4.09 per cent, L&T 3.49 per cent, Infosys 2.56 per cent, Tech Mahindra 2.32 per cent and Reliance Industries 1.73 per cent.
Turnover in the cash segment fell to Rs 18,432.08 crore compared to Rs 19,541.99 crore last Thursday. A total of 9,068.47 lakh shares changed hands in 79,26,911 trades. The market capitalisation at NSE stood at Rs 101,74,561 crore.