Markets Sold off in Late Trade, with the Nifty Falling below 8,400

MARKET ANALYSIS

• Markets sold off in late trade, with the Nifty falling below 8,400 while the Sensex tested the 28,000 mark, before closing above it. At close, the Sensex was down 0.46 percent, or 130 points, to 28,032 while the Nifty was off 0.52 percent, or 44 points, to 8,382.
• The sell-off was largely broad-based but stocks that had run-up the most recently fell the most.
• High-beta shares such as metals and oil & gas witnessed 1 percent plus down move. Mid and small cap stocks have 0.6 percent. Logistics shares, which have risen manifold over the past one year saw ferocious selling, with stocks losing 6 to 10 percent. FMCG and IT were the only pockets that stood up in the decline.
• FMCG and IT were the only pockets that stood up in the decline.

ECONOMY ANALYSIS

• High-beta trade unwinds as Nifty ends below 8400
• Telcos in focus; DoT to split 2G, 3G, 4G spectrum auctions
• Franklin Templeton buys 3.34 lakh shares of Shakti Pumps
• Govt seeks suggestion on draft Mines & Mineral Bill
• Draft rules for coal block e-auctions likely today
• Hindalco up 3%; Goldman Sachs bullish on its Novelis biz