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Nifty sinks again; global markets pounded

Nifty sinks again; global markets pounded
A 5 per cent fall in the Chinese Shanghai Composite and a sharp drop in the European markets, was enough to push Indian benchmark indices Lower, with the Sensex retreating 233 points, while the Nifty lost 77 points in trade today.

Jaiprakash Associates tumbled 10%, while DLF, Ranbaxy and Cairn India, Kotak Mahindra and Punjab National Bank were the other top losers from the Nifty.

Infosys which has shown resilience in the past also could not hold ground and shed almost 2 per cent in trade.

Among the worst hit in trade today were the PSU Banking stocks which were hammered out of shape. IDBI Bank, Indian Overseas Bank, Oriental Bank, Union Bank and Bank of India dropped anywhere between 4-6 per cent.

HDFC and ICICI Bank which were trading in the green for most of the day lost ground and ended lower. Heavyweights, ITC and Reliance were the other stocks that lost ground in trade today.

The realty index lost almost 5 per cent with stocks from the space crumbling. Anant Raj Industries, DLF, DB and HDIL lost more then 5 per cent each.

Mid cap stocks also collapsed in trade. Future Retail dropped 10 per cent, while United Phosphorus, Vijaya Bank and Dish TV were the other prominent losers. Ranbaxy Labs ended the day lower by 7 per cent after reports that the company's Mohali unit maybe under the USFDA scanner.

Meanwhile, all of the markets in Asia ended the day lower with the Shanghai Composite dropping 5 per cent, while the Hong Kong's Hang Sang was down more then 2 per cent.

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