Weak global cues pummel market; Nifty tanks 1%

Global sell-off triggered by geopolitical worries cast a shadow on the local bourses, where the benchmark index Nifty dropped to more than three-week lows after tanking by 1 per cent and settling below the 7,600-mark on the National Stock Exchange (NSE) today.
Shares came under heavy selling after investor sentiment was spooked by global developments on the Russia- Ukraine front and in Iraq, where US President Barack Obama has authorised air strikes against Islamic militants, who control a large swathe of the oil-rich country.
Amid weak cues from world markets, domestic investors sold stocks across the counters barring FMCG and pharma segments which saw some buying activity.

Key counters of realty, metal, infra and shares from mid and small-cap companies dropped between 2 per cent to 4 per cent, while scrips from banking, auto and energy counters fell nearly 2 per cent.
Meanwhile, foreign institutional investors (FII) sold shares worth Rs 73.07 crore yesterday, as per provisional data from stock exchanges.
The 50-share Nifty traded between a high of 7,592.45 and low of 7,540.10 before closing at 7,568.55, a sharp fall of 80.70 points, or 1.06 per cent, over the last close.
Mining major Sesa Sterlite dropped 5.92 per cent, DLF 4.31 per cent, BHEL 4.31 per cent, Tata Power 3.74 per cent and IDFC lost 3.35 per cent. Other notable losers included Tata Steel, BPCL, Ambuja Cement, L&T and GAIL.

Turnover in the cash segment moved up to Rs 13,807.42 crore from Rs 13,735.24 crore yesterday. A total of 7,286.13 lakh shares changed hands in 65,22,332 trades, while total market capitalisation stood at Rs 86,69,990 crore.