Markets have swiveled down with broadbased selling seen in today’s session. The decline has taken Nifty, close to the 5150 mark. Analysts fear of further declines in the markets, if the index slips below the strong support of 5080-5100 range. Meanwhile the rupee has hit a new low of 51.43 against the US dollar.
The Nifty closed at 5180, down by 98 points or -1.9%. The index saw lower levels of 5175 during the trading session. Stocks from various sectors have contributed to the fall.
Banking stocks were in the frontline for hammering. The Bank Nifty index itself lost over 2.4%. ICICI Bank was the top loser with over 4% cuts. PNB was cut by 4.3%. SBI lost over 2%, while HDFC BAnk managed to close with a mere 0.4% cut.
Stocks from the Capital goods segment also witnessed selling. L&T closed down 1.8%. Punj LLoyd was down by 3.3% during the close.
Power major NTPC was down by 3.9%.