No respite from selling; Nifty drops below 6,300 mark

Continuing its southward journey after hitting record peak on Monday, the NSE benchmark CNX Nifty today tanked by a hefty 71 points and ended below 6,300- mark on a wave of board selling ahead of key macro data.
Intense selling in rate-sensitive banking and auto sectors followed by FMCG, energy, pharma, IT, metal and PSU counters pulled down the stock market for a third consecutive day.
Investors resorted to profit booking ahead of the industrial production and inflation data (released after market hours), which would cast a shadow on the RBI's monetary policy meet next week.
Weak global cues amid prospects of US Federal Reserve starting rolling back its monetary stimulus made the matter worse for the Indian bourses.

The 50-scrip Nifty traded between a high of 6,286.85 and a low of 6,230.55 before ending at 6,237.05, showing a fall of 70.85 points, or 1.12 per cent, over the last close.
The market opened weak amid lower Asian cues and remained in the negative terrain during morning session. Though it regained the psychological 6,300 level for a brief period during afternoon, it failed to maintain the momentum on the back of heavy selling pressure on weak European cues.
The key losers were Tata Motors, IndusInd Bank, Ambuja Cement, ONGC, Coal India, UltraTech, IDFC, Bajaj Auto, Maruti and Hindalco. Tata Power and Ranbaxy were among few gainers.

Turnover in the cash segment fell to Rs 9,237.06 crore from Rs 10,059.65 crore previously. A total of 5,201.67 lakh shares changed hands in 50,27,874 trades, while market capitalisation stood at Rs 66,85,450 crore.