Nifty tanks 42 pts on heavy selling; energy stocks take a hit

A sudden wave of selling amid lingering global growth concerns dented investor confidence as the NSE benchmark CNX Nifty today slumped by 42 points on the National Stock Exchange (NSE).
Frontline stocks from energy sector, led by index heavyweight Reliance Industries, cracked under panic sell-off.
Financial, auto, infra and metal stocks also witnessed massive selling pressure. Technology and healthcare stocks, however, withstood the sell-off and posted gains.
Trading began on a positive note in the absence of any follow-up buying and the key index remained in a tight range. However, the market turned choppy towards the tail-end as cautious investors resorted to heavy profit booking.

Investors took out some profits ahead of crucial economic data and quarterly earnings season which will kick off on Friday with IT giant Infosys announcing its numbers, analysts said.
Meanwhile, other Asian markets ended mixed following dismal Chinese trade data amid concerns about a slowdown in global demand. European shares were down in early trade.

The 50-share Nifty swung between a high of 5,879.35 and a low of 5,802.85 before ending at 5,816.70, down 42.30 points, or 0.72 per cent, over its last close.
Hindalco, BPCL, Bank of Baroda, M&M, Cairn, IndusInd Bank, Tata Steel, Bajaj Auto, HDFC Bank and Reliance were among the key losers.

Notable gainers included Lupin, HCL Tech, UltraTech, NMDC, Tata Power, TCS, Kotak Bank, Jindal Steel, Asian Paints and Maruti.
Turnover in the cash segment dropped to Rs 9,025.57 crore from Rs 9,228.56 crore yesterday. A total of 5,141.53 lakh shares changed hands in 51,284,89 trades. The market capitalisation stood at Rs 62,29,578 crore.