No relief from selling at NSE; Nifty tanks 61 points

Stock market remained firmly under the grip of selling triggered by concerns about sliding rupee amid fears of global liquidity squeeze as the National Stock Exchange (NSE) benchmark hit multi-month lows today.
The 50-share CNX Nifty shed a hefty 61 points, extending the losing spree for the sixth straight session.
Investors were jittery after the domestic currency once again started losing ground to dollar in the backdrop of swelling speculation that US Central bank may start winding down its stimulus measures earlier-that-expected.
Markets globally have benefited from the liquidity infusion by the US Fed, particularly Indian markets. Any negative news on the flow is likely to have an adverse impact on Indian markets, traders said.

Financial, energy, auto, metal and capital goods stocks remained under intense selling pressure.
Despite a firm start, the benchmark index succumbed to panic selling in late afternoon trade as investors remained cautious ahead of key macro data, including retail inflation and industrial output.

Meanwhile, most Asian and emerging markets gained, taking cues from overnight rally at Wall Street buoyed by strong US macroeconomic data as well as robust earnings.
The Nifty swung between a high of 6,108.70 and a low of 6,011.75, before ending at 6,018.05, posting a sharp loss of 60.75 points, or 1.00 per cent, over the last close.

JP Associates, Tata Motors, Axis Bank, DLF, PNB, Tata Power, Asian Paints, ICICI Bank, Sesa Sterlite and Bank of Baroda were the top index losers.
Key gainers included Ranbaxy, M&M, ITC, Cairn, Sun Pharma, Kotak Bank, BPCL, HUL, Maruti and Dr Reddy's.
The turnover in the cash segment rose to 10,896.67 crore from 10,884.88 crore yesterday. A total of 6,089.68 lakh shares changed hands in 59,16,841 trades, while market capitalisation stood at Rs 64,93,175 crore.