Nifty slips on adverse cues,down 1.60%

A host of pessimistic factors ranging from dismal industrial growth numbers and lower than expected Infosys results in the backdrop of global meltdown,strongly affected the bourses as the benchmark S&P CNX Nifty plunged by 89.95 points at the National Stock Exchange here today.

A host of pessimistic factors ranging from dismal industrial growth numbers and lower than expected Infosys results in the backdrop of global meltdown,strongly affected the bourses as the benchmark S&P CNX Nifty plunged by 89.95 points at the National Stock Exchange (NSE) here today.

Trading began with a sharp cut in key-index following Infosys’ first quarter result as well guidance given by the company for FY-12 amidst the global sell-off which continued to hover over the market sentiment.

The selling pressure further got aggravated following the Index of Industrial Production

(IIP) data for the month of May fell to 5.6 per cent as compared to 8.5 per cent in the same month last year,clearly indicating that the domestic economy is moderating.

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Though the sell-off was broad based,much impact was witnessed mainly in technology followed by banking,infra,capital goods and fmcg counters.

The 50-share index plunged to a intraday low of 5,496.95 before ending at 5,526.15,a sharp fall of 89.95 points,or 1.60 per cent,over its previous close.

Buying in some heavy-weights towards the fag-end helped the key-index to regain the support level of 5,500-mark.

Infosys,DLF,M&M,L&T,Jindal Steel,Reliance Infra,HDFC,JP Associates,Tata Steel and Hndalco were the top losers from the Nifty.

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Turnover in cash segment rose sharply to Rs 10,954.51 crore from Rs 8,660.03 crore yesterday. A total of 5,459.35 lakh shares changed hands in 55,28,067 trades. The market capitalisation stood at Rs 65,11,221 crore.