Nifty plunges 91 points on weak global cues

Equities dropped for second day ahead of February derivative expiry and Rail budget tomorrow as selling in key FMCG, Pharma, Banks, IT, Financial and Auto counters led the benchmark NSE to loss another 90.85 points to finish at 7,018.70.
Pessimism ruled the sentiment following overnight plummet of US Indices on renewed slide in Crude prices as the Saudi Arabian Oil Minister, Ali al-Naimi, ruled out a production cut triggering today's subdued Asian and European markets, further traders opted for winding down positions ahead of F&O expiry as well as budget season including key Rail budget scheduled tomorrow.
The market resumed gap-down and drifted lower despite some attempt to pull-back were subjugated by selling pressure, led the key indices to end with heavy losses.

Barring Energy segment which witnessed mild buying activity, rest all other counters witnessed heavy selling pressure including shares of Mid-cap and small-cap company's shares.
Elsewhere, European stocks declined led by commodities -related shares as prices of copper and crude oil slipped.
The 50-share Nifty opened gap down at 7,075.00 and hovered between 7,090.80 and 7,009.75 before closing at 7,018.70, showing a drop of 90.85 points, or 1.28 per cent.

Major losers were BHEL (5.08 per cent), NTPC (4.16 per cent), Tata Motors (3.85 per cent), Hindalco (3.07 per cent), VEDL (2.94 per cent), HDFC (2.76 per cent), ICICI Bank (2.60 per cent), Tata Steel (2.23 per cent), Dr Reddy (2.20 per cent) and HDFC Bank (2.11 per cent).

Turnover in cash segment eased to Rs 13,095.88 crore from Rs 13,393.10 crore yesterday.
A total of 7,546.39 lakh shares changed hands in 68,11,965 trades. The market capitalisation of NSE stood at Rs 84,91,995 crore.