Nifty hits one year low, slips below 7,600-level

The benchmark Nifty hit over one year low to slip below the psychologically relevant 7,600-level on across the board selling points at the National Stock Exchange (NSE).
After opening positive for a while, selling was the order of the day in a tight-range trade as global concerns dominated the sentiment as China reopened the market after a break of four days.
Most Asian stocks fell on Chinese market slide amid revision of 2014 GDP growth to 7.3 per cent from 7.4 per cent.
The rupee hitting fresh two-year lows, continued selling by foreign portfolio investors and macro concerns also weakened the market sentiment.

The 50-share NSE index opened higher 7,685.85 and hovered between 7,705.05 and 7,545.90 before closing at 7,558.80, dipping by 96.25 points, or 1.26 per cent.
Sector-wise, metal shares led the pack by dipping 2.53 per cent, followed by Pharma (2.25 per cent), Bank (2.21 per cent), Realty (2.02 per cent), PSU Bank (1.94 per cent), Infra (1.80 per cent), FMCG (1.60 per cent) and Financials (1.45 per cent).

Secondline shares of mid-cap and small-cap dropped heavily by 2.17 and 2.21 per cent, respectively.
Stock-wise, major losers were NMDC (4.48 per cent), Axis Bank (3.88 per cent), VEDL (3.65 per cent), ICICI Bank (3.36 per cent), Hindalco (3.18 per cent), Lupin (2.94 per cent), Coal India (2.89 per cent), Bank of Baroda (2.55 per cent) and L&T (1.59 per cent).

Turnover in the cash segment slumped to Rs 12,317.81 crore as compared to Rs 16,812.55 crore yesterday.
A total of 7,324.16 lakh shares changed hands in 6,542,842 trades and the total market capitalisation of NSE stood at Rs 9,055,477 crore.