Nifty snaps 7-day winning steak; tumbles below 8,800 mark

Ending its seven-day gaining streak, the NSE Nifty today tumbled by 83.80 points to close below the 8800 level as investors booked profits across the board.
The 50-issue Nifty nosedived by a whopping 83.80 points, or 0.95 per cent to close at 8,750.20 after hitting a low of 8,722.40 in intra-day trade.
Trading began on a sluggish note with modest selling seen in select frontline stocks as well as cautious mood ahead of wholesale inflation data. The market remained range bound for the most part of the day, though losses remained capped on the back of positive retail inflation data also supported by IMF statement on country's growth outlook.

However, bourses took a sudden violent turn in late afternoon trade as sell-off accelerated with the benchmark index sliding below key 8,800 mark following heavy unwinding from domestic players and retail investors.
Moreover, investors remained sidelines ahead of corporate performance of big companies like TCS and Reliance Industries.
The benchmark indices witnessed a drastic fall in last leg of trade to end the session with massive losses. Even a record low in wholesale inflation failed to lift the sentiment.

Healthcare stocks predominantly spearheaded the sell-off after its recent spectacular rally with the sectoral indices plunging 1.76 per cent. It followed by Auto 1.54 per cent, Technology 1.45 per cent, Infra 1.42 per cent, Realty 1.18 per cent and metal 0.72 per cent alongwith Mid-cap and Small-cap.

However, FMCG and PSU bank counters withstood the selling pressure.
Major laggards from the Nifty stocks were Tata motors, Sun Pharma, Axis Bank, Infosys, HDFC, M&M, HCL-Tech, TCS, HDFC Bank, L&T, Wipro, Bharti Airtel, Idea Cellular, Asian paint, ICICI Bank, HUL, Cipla, BHEL, Lupin, Heromotoco, Power Grid, NTPC, Tata Steel and Coal India.
Notable gainers included ITC, SBI, ONGC, Sesa Sterlite, Bank of Baroda, Reliance, Maruti, Tata Power, PNB and ACC.
Meanwhile, Gujarat Gas Company stock was in limelight, rallying over 12 per cent after PNGRB approved setting up distribution network in the city of Thane.
Turnover in the cash segment rose to Rs 20,645.37 crore from Rs 16,354.64 crore Monday. A total of 10,377.28 lakh shares changed hands in 88,75,505 trades. The market capitalisation at NSE stood at Rs 10,339,139 crore.