Nifty drops 69 points on selling pressure

The benchmark NSE Nifty dropped by 68.80 points on incessant selling pressure in key energy stocks following unabated fall in international crude prices.
The market opened on a positive note amid higher Asian cues, but a cautionary trend after crude oil tumbled to fresh five-year low of USD 60 per barrel, led to concerns over global growth, spurring a slide in oil and gas sector stocks.
Barring pharma, all other counters, including infra, metals, banking and financials, auto, realty, IT, FMCG and shares from mid-cap and small-cap companies witnessed selling.
Meanwhile, foreign portfolio investors sold shares worth a net Rs 808.27 crore yesterday, as per provisional data from stock exchanges.

The 50-share Nifty hovered between a high of 8,321.90 and low 8,216.30 before closing at 8,224.10 on the National Stock Exchange (NSE), showing a loss of 68.80 points, or 0.83 per cent over its previous close.
Key energy heavyweight GAIL lost 4.39 per cent, Cairn fell by 3.55 per cent, ONGC was down by 3.53 per cent and RIL declined by 2.63 per cent.

Other notable losers include Tata Steel (down 3.83 per cent), SSLT (down 2.73 per cent), HDFC (down 2.11 per cent), Axis Bank (down 1.45 per cent) and DLF (down 2.47 per cent).
Asian stocks turned higher while European markets were trading sharply lower over data showing factory production in China slowed.

Turnover in the cash segment declined to Rs 16,360.78 crore from Rs 16,408.96 crore yesterday. A total of 8,236.07 lakh shares changed hands in 74,79,739 trades, while market capitalisation stood at Rs 94,31,426 crore.