Mumbai: The benchmark CNX Nifty slumped below 8,250-level today, following across the board sell-off, reacting to the RBI's cautious comments on economy even as it cut the key prime lending rate by 0.25 percent.
The bourses opened positive, later succumbed to selling pressure after RBI Governor Raghuram Rajan's statement hinted of no further rate cut this year due to inflationary pressures and subdued monsoon forecast.
Selling pressure was witnessed across sectors, led by rate sensitive shares from realty, banking and financials, auto, FMCG, infra, IT, metal and pharma counters.
The broader shares from midcap and smallcap companies also saw intense selling.
The CNX Nifty hovered between a high of 8,445.35 and a low of 8,226.05 before ending at 8,236.45, showing a fall of 196.95 points, or 2.34 percent, over its previous close.
Major Nifty losers were Axis Bank (4.38 percent), SBIN (4.30 percent), IndusInd Bank (4.05 percent), ITC (4.04 percent), Hindalco (3.97 percent), Yes Bank (3.85 percent) and HeroMotoCorp (3.74 percent).
Meanwhile, foreign portfolio investors bought shares worth a net Rs 113.47 crore yesterday, as per provisional data.
Elsewhere, most of the Asian stocks traded lower.
Turnover in the cash segment rose to Rs 16,983.48 crore from Rs 15,609.62 on Monday. A total of 7,408.36 lakh shares changed hands in 72,15,955 trades and the total market capitalisation of the NSE stood at Rs 97,97,734 crore.
