Nifty sinks 125 points as crude reverses gains

Benchmark Nifty tumbled 125 points to finish at 7,109.55 today after four consecutive sessions of gains on across the board selling, led by banks, financials, energy, FMCG, auto and IT counters.
Resuming flat, the index was gripped by volatility due to reversal in crude prices and mixed Asian cues.
Selling pressure was further aggravated on concerns over the Parliament's budget session, which began today, while Moody's Investors Service said India's fiscal metrics remain weaker than its peers in the near term.
Stock-specific selling continued, even as state-owned power producer NTPC fell after the government decided to sell 5 per cent stake through a two-day offer which began today.

Mid-cap and small-cap shares dipped on heavy selling.
The 50-share Nifty opened flat at 7,240.30 and slid to a low of 7,090.70 before concluding at 7,109.55, showing a fall of 125.00 points, or 1.73 per cent.

Major losers were Bank of Baroda (4.52 per cent), Cairn (4.25 per cent), Coal India (4.08 per cent), SBI (3.91 per cent), PNB (3.77 per cent), ICICI Bank (3.25 per cent), Axis Bank (3.02 per cent), TCS (2.24 per cent) and Reliance (1.31 per cent).
Elsewhere, Asian markets ended mixed while European stocks declined as crude oil prices dropped after a sharp surge overnight.

Turnover in cash segment rose to Rs 13,393.10 crore from Rs 11,646.18 crore yesterday.
A total of 7,188.58 lakh shares changed hands in 68,84,277 trades. The market capitalisation of NSE stood at Rs 85,97,853 crore.