Market tumbles on macro worries, Nifty down 114 points

The 50-share index plunged to a low of 4,983.60 before concluding at 4,999.95, a steep fall of 114.20 points, or 2.23 per cent, over its last close.

The market was yesterday saved by the postponement of implementation of the General Anti-Avoidance Rules (GAAR) by a year. However, the tax proposal generated concerns over some of its provisions and led to brisk unwinding from investors.

The comments from RBI Deputy Governor Subir Gokarn over rate cuts in view of inflationary pressure accelerated selling towards the tail-end of the trading.

Mixed Asian cues as well as weak European opening added to the overall bearish sentiment.

JP Associates, TCS, BHEL, Reliance Infra, HCL-Tech, Axis Bank, Kotak Bank, SBIN, IDFC and Tata Motors were the top percent-wise losers from the Nifty bunch.

However, Hindalco, Coal India, Sail, Gail, HUL, Asian Paint and PowerGrid bucked the negative trend and ended with gains.

Turnover in cash segment dropped to Rs 10,899.97 crore from Rs 11,678.32 crore yesterday. In all, 6,507.67 lakh shares changed hands in 55,58,919 trades. Market capitalisation stood at Rs 58,13,878 crore.