Global factors, rupee slide jolt markets; Nifty tanks 87 pts

Indian markets cracked on frenzied selling with the NSE benchmark CNX Nifty plunging by a hefty 87 points and ending below the important 5,800 level today as falling rupee and global economic worries rattled investors.
Fears about spillovers from a fresh global turmoil on the back of growth slowdown in China and financial troubles in peripheral eurozone countries coupled with geopolitical concerns over Egypt dented investor sentiments.
Banking heavyweights, both private and public, bore the brunt of selling triggered by RBI's proposed incremental provisioning and capital requirements for banks' exposure to corporates having unhedged forex exposure.
Energy, capital goods, metal, auto and technology were the other sectors which witnessed heavy unwinding. Only FMCG and and healthcare stocks withstood the selling wave.

The slide in rupee, which once again breached the 60-mark against the dollar, added further pressure.
After a gap-down opening in the backdrop of global volatility and consistent profit taking, the key index remained under pressure throughout the session.

Meanwhile, Mahindra Satyam will cease to exist on bourses from tomorrow after its merger with Tech Mahindra.
The 50-share Nifty plunged 86.65 points, or 1.48 per cent, over its previous close to finish at 5,770.90.
JP Associates, Bank of Baroda, IDFC, PNB, Sesa Goa, Tata Steel, Tata Power, SBIN, DLF and Hindalco were among the top laggards from the Nifty pack.

Key gainers included Lupin, Jindal Steel, Sun Pharma, Ambuja Cement, ITC, HCL Tech, Grasim, Infosys and M&M.
Turnover in the cash segment fell to Rs 10,213.96 crore from Rs 10,376.77 crore yesterday. A total of 6,240.01 lakh shares changed hands in 59,46,208 trades. The market capitalisation stood at Rs 62,02,489 crore.