Nifty plunges 69 pts, closes below psychologically crucial 5,900-pt mark

NSE building

Shares went down sharply today amid weak global cues as also profit taking with the NSE-benchmark Nifty plunging by 69 points to close below the psychologically crucial 5,900 mark today.

Selling was witnessed in sectors like banking, oil & gas, capital goods, pharma, fcmg, infra, auto and metal.

The collapse of the US fiscal talks led to uncertainty and rattled investors confidence, triggering selling across the global financial markets.

On the domestic front, the CBI today filed a chargesheet against Bharti Airtel, Vodafone and former Secretary of the Department of Telecom Shyamal Ghosh for alleged irregularities in spectrum allocation during the NDA regime which further dampened the market sentiment.

Bharti Airtel shares tanked by over three per cent to close at Rs 307.35.

Against the backdrop of overnight development in the US and downtrend in Asian peers, trading started on the NSE on a weak note. The key index went down in late afternoon trade in line with overseas market trend to close at day's lowest point. Retail investors reduced their positions ahead of the weekend and upcoming holiday week by booking profits, traders commented.

The 50-share Nifty nosedived to a low of 5,841.65 before ending at 5,847.70, a sharp fall of 68.70 points, or 1.16 per cent, over the last close.

JP Associates, Jindal Steel, IDFC, Sesa Goa, Hindalco, DLF, Ambuja Cement, Bharti Airtel, PNB and Lupin were the top Nifty losers. ITC and TCS were the only index gainers.

The turnover in cash segment advanced to Rs 12,063.17 crore from Rs 11,924.91 crore yesterday. Overall, 7,177.22lakh shares changed hands in 58,57,145 trades. Total market capitalisation stood at Rs 62,29,349 crore.

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