Nifty crashes to over two-month low on weak global cues

A wave of all-round selling at the National Stock Exchange (NSE) triggered by a slew of global factors shaved off 88 points from the NSE Nifty today, which nosedived to a two-and-a-half-month low.
Weak global cues, growth slowdown in China and further reduction in stimulus by US Federal Reserve rattled the Indian investors who feared capital outflows from domestic equities.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 652.97 crore on last Friday, as per provisional data from the stock exchanges.
Though the selling was broad-based, IT, banking, FMCG, auto and metal counters bore the maximum brunt. Shares of mid and small-cap firms also encountered heavy profit-booking.

Pharma sector was the only bright spot, encouraged by strong Q3 earnings from Lupin, which posted 40.86 per cent rise in consolidated net profit at Rs 483.74 crore. The drug major's script gained 4.52 per cent.
The market resumed lower on weak Asian cues and remained subdued in the morning trade. It languished in the red and fell below the psychological 6,000-mark before recovering some ground but still ended with huge losses.

The 50-share index traded between a high of 6,074.85 and a low of 5,994.45 before ending at 6,001.80, down 87.70 points, or 1.44 per cent, from its previous close.

Major losers were Hindalco, Tata Steel, BHEL, JP Associate, Bajaj Auto, Tata Motors, ONGC, Bank of Baroda, HDFC and Ranbaxy.
Key gainers were Lupin, GAIL and Dr Reddy's.
Turnover in the cash segment dipped to Rs 9,674.64 crore from Rs 10,801.60 crore on last Friday. A total of 5,095.07 lakh shares changed hands in 51,02,268 trades, while the market capitalisation stood at Rs 65,05,132 crore.