Nifty tumbles 89 pts, banking stocks slide

The overnight sharp rebound faded as equities washed out intra-day gains with benchmark Nifty tumbling 88.85 points led by selling in banking and financials counters to finish at 7,791.85 at the National Stock Exchange.
Languishing Chinese economy and negative global markets even after yesterday's stimulus measures by People Bank of China with rate-cut and reserve requirements continue to trouble the investors sentiment, further traders resorted to selling mode ahead of August series derivative expiry due tomorrow.
The key indices opened negative, but immediately rose on good stock specific buying activity and it traded in positive terrain till afternoon, however it failed to sustain the momentum amid volatility and the index drifted to end lower.

Elsewhere, Asian markets ended somewhat mixed, though shanghai composite fell 1.27 per cent, while European stocks trading lower.
Sectorwise, PSU Banks traded in red by lossing 2.69 per cent followed by Financials 1.88 per cent, Bank nifty 1.60 per cent, Pharma 1.17 per cent, FMCG 0.91 per cent, IT 0.81 per cent and Auto 0.48 per cent.
While the secondline shares of midcap settled flat, while smallcap gained moderately.

The broader 50-share Nifty opened lower 7,865.25 and hovered between a high of 7,930.05 and a low of 7,777.10 before finishing at 7,791.85 showing a fall of 88.85 points, or 1.13 per cent over its last close.

Stockwise, major losers were Ambuja Cement (4.53 percent), TechM (3.92 per cent), HDFC (3.77 per cent), SBIN (3.02 per cent), Bank of Baroda (2.98 per cent), Hero Motor (2.91 per cent), SunPharma (1.99 per cent), Infy (1.94 per cent) and ICICI Bank (1.92 per cent).
Notable gainers were, BHEL (3.96 per cent), Cairn (3.10 per cent), Tata Power (2.91 per cent), Bajaj Auto (2.11 per cent) and Tata Motors (1.90 per cent).
Turnover in the cash segment slumped to Rs 20,032.30 crore compared to Rs 27,645.73 crore yesterday.
A total of 9,564.47 lakh shares changed hands in 9,542,841 trades and the total market capitalisation of NSE stood at Rs 9,295,647 crore.