Market snaps 5-day winning streak amid global weakness

Mumbai, March 15

Market benchmarks halted their five-day rally to close with deep cuts on Tuesday, in line with a selloff in global markets as participants dialled back risk exposure ahead of a key policy meeting of the US Federal Reserve amid continuing uncertainty over the Ukraine crisis. A depreciating rupee and foreign capital outflows also weighed on sentiment, traders said.

After opening with gains of over 200 points, the Sensex turned highly volatile and tumbled in afternoon trade, before finally finishing 709.17 points lower at 55,776.85. Similarly, the Nifty dived 208.30 points to 16,663.

Tata Steel was the top laggard in the Sensex pack, sliding 4.89%, followed by Kotak Mahindra Bank, Tech Mahindra, Infosys, Reliance Industries, HCL Tech and Powergrid.

Mahindra & Mahindra and Maruti Suzuki topped the gainers’ list, climbing as much as 2.31%, after these firms featured in the list of 75 companies whose applications were cleared under the Production Linked Incentive (PLI) scheme for the automobile and auto components sector. — PTI

SENSEX TANKS 709.17 POINTS CLOSES AT 55,776.85

RUPEE DECLINES TO 76.62/$

• NSE Nifty dived 208.30 points to settle at 16,663 points
• Tata Steel was the top loser, followed by Kotak Bank, Tech Mahindra, Infosys, RIL

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