Mumbai: Shares extended losses for a second session Tuesday ahead of US Federal Reserve's policy meet as the across-the-board selling pummelled the market, leading the benchmark Nifty to nosedive by over 100 points and end below the 8,000-mark on the National Stock Exchange (NSE).
A possible interest rate hike by the US central bank would imperil global bourses, including emerging markets, analysts said.
Selling by FIIs and setback for BJP, whose anticipated victory in the Lok Sabha elections had rallied stocks, in Assembly bypolls also added to the market woes.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 74.59 crore yesterday, as per the provisional data issued by stock exchanges.
Barring FMCG, which witnessed some buying activity, broader markets were thrashed with shares of mid and small-cap indices tanking 4.52 percent and 3.80 percent, respectively.
Among others sectoral indices, realty slumped by 3.90 percent, PSU banks 3.08 percent, energy 2.72 percent, Infra 2.71 percent, metal 2.38 percent, banking 2.00 percent, auto 1.93 percent and pharma fell 1.04 percent.
The 50-share Nifty opened lower at 8,036.60 and traded between a high of 8,044.90 and low of 7,925.15 before closing at 7,932.90, falling by a hefty 109.10 points, or 1.36 percent, over its last close and hitting fresh multi-week lows.
Among the laggards, Tata Power was hammered by 6.12 percent, BPCL 4.88 percent, Lupin 3.88 percent, PNB 3.56 percent and Tata Steel dropped 3.46 percent. Other top losers were Axis Bank, DLF, L&T, ONGC and SBIN.
Turnover in the cash segment jumped to Rs 19,317.55 crore from Rs 15,971.77 crore yesterday. A total of 12,382.87 lakh shares changed hands in 90,31,185 trades, while market capitalisation stood at Rs 91,70,755 crore.
