Nifty tanks 80 points on across the board selling

The market did a U-turn during final hours trade and erased all its gains on sharp profit-taking at higher-levels, as the CNX Nifty tanked 80 points to end below the important 6,300-mark at the National Stock Exchange (NSE).
Earlier the index surged to 6,358, but broad-based selling led by key-heavy weight counters from FMCG, banking, energy, infra and pharma wiped out the gains, as shares from recently favoured Mid-cap and Small-cap too joined the waggon.
However, IT stocks managed to remain positive amid weakness in rupee.
The market resumed higher despite mixed Asian market and went on to hit fresh intraday high during the morning trade. The sudden bout of volatility during late afternoon amid lower European opening due to Chinese manufacturing data showing slow-down pushed the key index to end sharply lower.

The 50-share Nifty traded between a high of 6,358.30 points and a low of 6,211.30 points before closing at 6,221.15 points, showing a hefty fall of 80.50 points, or 1.28 percent.
Major losers were IDFC, JP Associates, PNB, Tata Power, L&T, Coal India, Asian Paint, Grasim, Ambuja Cement and BPCL.
Turnover in the cash segment shot up to Rs 12,129.45 crore from Rs 6,058.83 crore yesterday. A total of 9,075.38 lakh shares changed hands in 61,77,076 trades, while market capitalisation stood at Rs 67,94,411 crore.