Nifty tumbles to end below 7,300-level, IT stocks drag

Equities extended their fall for the second consecutive session today, with Nifty shedding 89.05 points to end below the 7,300-mark, dragged down by IT blue-chips after Cognizant lowered revenue guidance for the year.
Sentiments remained negative on global economic slowdown worries. This dented investors sentiment as the key index opened gap-down and remained under selling pressure whole of the trading session to end in deep red, underpinned by fall in most of the Asian stocks as well as slide in European stocks since yesterday.
IT stocks added to the woes, falling nearly 4 per cent, after US-based Cognizant yesterday posted sluggish revenue guidance of 9.9-14.3 per cent for the entire 2016, which is lower than 21 per cent growth it clocked in 2015.

The selling was led by sectors like IT, PSU banks, media, auto, bank, metal, commodities, FMCG, financials and infrastructure. The broader mid-cap and small-cap shares also witnessed widespread selling.
Elsewhere, most Asian markets tanked tracking overnight sell-off in the US markets, while Japan's Nikkei crashed 5.40 per cent while Chinese, Hong Kong, South Korea markets were closed for the Lunar New Year holiday,
European shares also fell, extending sharp losses from the previous session, as concerns persisted over the health of the region's top banks given signs of a global slowdown.

The 50-share Nifty opened gap-down at 7,303.95 and moved between 7,323.45 and 7,275.15 before ending at 7,298.20, showing a dip of 89.05 points, or 1.21 per cent over its last close.

Major losers were PNB (6.95 per cent), Bank of Baroda (4.86 per cent), TechM (4.76 per cent), HCL Tech (4.62 per cent), Coal India (4.36 per cent), Tata Motors (3.97 per cent), Infosys (3.75 per cent), Dr Reddy's (3.61 per cent) and TCS (3.45 per cent).
Notable gainers included Lupin (4.65 per cent), Sun Pharma (2.20 per cent), NTPC (2.11 per cent), ONGC (1.92 per cent) and GAIL (1.47 per cent).
Turnover in cash segment moved up to Rs 14,857.44 crore from Rs 13,840.26 crore yesterday. A total of 7,577.17 lakh shares changed hands in 66,38,239 trades.
The market capitalisation of NSE stood at Rs 89,19,292 crore.