Global sell-off rattles Indian market, Nifty dips 49 points

Mumbai, Feb 22 (PTI) Market sentiments turned negativetoday, following a global sell-off on escalating tension inLibya and subsequent flare up in crude oil prices as thebenchmark S&P CNX Nifty slipped by 49.40 on the National StockExchange (NSE).

The 50-share index touched a low of 5,437.30 beforesettling at 5,469.20, down 49.40 points, or 0.90 per cent,over its previous close.

Trading commenced on a weak note on the backdrop ofbearish Asian cues due to unrest in West Asia as tradersresorted to profit-taking. The key index witnessed volatilitythroughout and the sell-off continued though buying inheavyweights and energy space helped the market to recoversome of its early losses.

Reliance Industries, upbeat on its multi-billion dealwith oil giant BP, supported the market throughout the day.

"A resilient Indian market withstood the fall better thanits overseas counterparts," traders said.

"But the major factor is crude which is flaring up onfears of supply constraints due to the ongoing Libyan crisis,which can pressurise market sentiment," they added.

Ranbaxy, Suzlon, Axis Bank, Hero Honda, BPCL, L&T, HDFCBank, IDFC, Sun Pharma and Sesa Goa were the top losers fromthe Nifty pack. But Reliance, Cairn, RCOM, Dr Reddy''s,Sterlite Industries and Reliance Cap registered good gains.

Total turnover in the cash segment rose to Rs 12,366.82crore from Rs 10,834 crore yesterday. A total of 5,907.95 lakhshares changed hands in 58,25,084 trades. The marketcapitalisation stood at Rs 63,28,405 crore.