Market caves on sell-off impact, Nifty at seven-months low

Mumbai, Feb 8 (PTI) Growing concerns over macro economicworries continue to hunt down on the market sentiments asacross the board sell-off pulled down the benchmark S&P CNXNifty to a seven month low at the National Stock Exchange(NSE) here today.

The 50-share index oscillated between 5,432.35 and5,303.40 before ending at 5,312.55, down by 83.45 points, or1.55 per cent over its previous close.

On expected lines, the session started on a positive notebut soon started showing signs of choppiness due to volatilityat higher levels and erased most of its early gains to tradebelow the psychological 5,400 level.

Market after its initial consolidation extended its slidein mid-afternoon session on the back of heavy selling in ratesensitive counters along with steel, FMCG and Capital goodscounters, taking the key index to a fresh seven month low.

Investors are very much concerned about the risinginflation along with commodity prices as it can make adverseimpact on the corporate earnings affecting overall economicgrowth, traders said.

JP Associates, M&M, ONGC, Kotak Bank, Hero Honda, Rcom,IDFC, Reliance Infra, NTPC and Rpower were the top losers fromthe Nifty.

However, Bajaj Auto, Tata power, Siemens and Ciplamanaged to register some gains.

Total turnover in the cash segment rose to Rs 12,078.71crore from Rs 10,777 crore yesterday. A total of 6,324.07 lakhshares changed hands in 59,31,923 trades. The marketcapitalisation stood at Rs 62,19,669 crore.