Market mayhem continues; Nifty sinks further, Re hits new low

Shares continued to bleed under intense selling pressure and plunged to multi-month lows today as worries mounted about deteriorating macro-economic concerns on the back of sliding rupee, which slumped to new low against the US dollar.
The benchmark Nifty tanked by a hefty 93 points, or 1.69 per cent, to end at 5,414.75 - the lowest level since September 2012 - on the National Stock Exchange (NSE).
Investor confidence has taken a massive hit due to the recent measures announced to curb capital outflow to stem forex volatility and narrow down worsening current account deficit (CAD), sparking fears about downgrading India's sovereign credit rating.

Moreover, worries over foreign investors deserting India in the backdrop of worsening macro-environment and improving US economy have further dampened sentiments.
After a wobbly start, the battered and bruised Indian equities crashed under panic sell-off, breaking all near-term support level with the key index slipping below the 5,400 level in mid-afternoon, spooked by across-the-board selling weighed down by rupee's free fall.
The rupee ended at a record low of 63.13 vs dollar.

Financial, FMCG, auto, healthcare and capital goods counters witnessed heavy unwinding. Metal and technology pivotals, however, withstood the carnage and posted gains.
Axis Bank, IndusInd Bank, IDFC, Ambuja Cement, ICICI Bank, Bharti Airtel, Bank of Baroda, PNB, Sun Pharma and Bajaj Auto were the worst performers from the index pack.

Key Nifty gainers included Tata Steel, JP Associates, Jindal Steel, Reliance Infra, Hindalco, HCL Tech, Tata Power, Asian Paints, NMDC and Ranbaxy.
Turnover in the cash segment dropped to Rs 11,198.79 crore from Rs 13,875.36 crore last Friday. A total of 6,196.56 lakh shares changed hands in 67,36,285 trades. The market capitalisation stood at Rs 58,19,869 crore.