Nifty plunges to 6-wk low; tepid ending for Samvat year 2071

Samvat year 2071 ended on a tepid note with the benchmark Nifty plunging over 132 points to end below the psychological 7,800 mark - its lowest level in six-week largely impacted by the Bihar poll verdict as well as handful of uninspiring earnings outcome.
Market sentiment has received a jolt on the heels of an unexpectedly heavy defeat of the ruling NDA in the Bihar elections, raising concerns that pace of economic reforms may take a back seat.
Heightened worries of more financial market turbulence and also geopolitical risk events in the wake of impending monetary policy normalisation by the US Federal end of the year too weighed on trade.

With markets ending negatively on last day of the Hindu Samvat year 2071, the benchmark Nifty has fallen by 212.55 points, or 2.65 per cent from the closing on Samvat 2070 after conquering a lifetime high of 9,119.20.
Extending its downward spiral for a fifth straight session, bourses resumed on extremely bearish note and remained under intese selling pressure throught out the day, but a sharp wave of selling, which emerged in fag-end session literally dragged the key indices below the crucial support levels of 7,800.
Elsewhere in Asian region, most equities ended sharply lower after Chinese inflation slowed more than expected in October, adding concerns over a slowdown in the world's second-largest economy amid looming Fed rate hike uncertainty.

The 50-share Nifty resumed decidedly lower at 7,877.60 and plummeted sharply to hit a fresh intra-day low of 7,772.85 before concluding at 7,783.35, revealing a steep fall of 131.85 points, or 1.67 per cent.

Among the sectoral, Energy collapsed by 3.54 pct, followed by pharma 3.09 pct, Realty 2.64 pct, metal 2.45 pct, Infra 1.85 pct, Tech 1.73 pct, PSU Bank 1.29 pct, Fmcg 1.37 pct and Bank Nifty 0.98 pct. However, Auto counters managed to end in green.
Major laggards included Reliance, Infosys, ITC, HDFC, ONGC, Sun Pharma, Dr Reddys, Adani Ports, HDFC Bank, Lupin, HCL Tech, SBI, IDEA, Indusind, Kotak Bank, Tata Motors, Yes Bank, L&T and Coal India.

Key gainers were Maruti, Bajaj Auto, Heromotoco, Axis Bank, M&M and Bank of Baroda.
Turnover in cash segment dropped to Rs 17,286.65 crore from Rs 17,616.96 crore yesterday. A total of 8,347.36 lakh shares changed hands in 69,88,466 trades.
The market capitalisation of NSE stood at Rs 94,43,769 crore.