Indian markets traded in negative terrain today following the weak global cues on fears of a possible shutdown of the US government. Both the benchmark indices witnessed selling pressure throughout the day which is only to become worse in last hour of the trading session. Both the indices, S&P CNX Nifty and S&P BSE Sensex, shed approximately 1.75%. 50-share broad-based index Nifty closed at 5735.30, down by 97.90 points while Sensex end the day at 19379.77, down by 347.50 points.
Investors across the globe from markets like Asia and Europe are worried over the US debt ceiling uncertainty and fears of a possible shutdown of the US government at midnight looms if the Republicans and the Democrats fail to reach a common ground on debt ceiling issue.
Whereas, in the domestic market, another important macro issue is playing its part as all eyes are set on the release of the June quarter CAD data expected this evening which determines if the government can manage to keep its full year fiscal deficit within its estimated USD 70 billion. According to analysts, weak Rupee and GDP contraction are likely to impact CAD and as per estimates India's CAD for 1Q FY14 is likely to be at $23 billion vs. $18.1 billion, Q-o-Q.
All the sectoral indices, except CNX MNC (0.06%) and CNX IT (0.02%) which somehow managed to end up in green zone, slumped today with rate sensitive stocks leading the fall fiasco. Bank Nifty loses the most on NSE and plunged by -2.85% and followed by CNX Finance (-2.63%), CNX Metal (-2.57%), CNX Realty (-2.48%), CNX Infra and CNX Media both (-2.35%), CNX PSU Bank (-2.10%) and CNX PSE (-2.01%).
Market breadth was negative on the NSE as 403 stocks advanced against 775 declined and 53 remain unchanged.
Out of 50 stocks of Nifty index, 9 registered growth while 41 declined.
Top Five Nifty Gainers: ACC Cement led the Nifty Gainers chart and excelled by 1.13% followed by Hindustan Unilever (0.97%), HCL Technologies (0.86%), BPCL (0.52%) and Lupin (0.20%).
Top Five Nifty Losers: NMDC loses the most among Nifty stocks and fell by -5.33% and accompanied by Tata Steel (-5.24%), J P Associates (-4.64%), ICICI Bank (-4.59%) and Coal India (-4.27%).
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