As market nosedives, Nifty grinds closer to 200 DMA: Udayan

Poor US job numbers trigger a bout of global weakness which saw the Nifty shedding almost 2 percentage points to close well below 5,250. The rupee is hovering around 51.30 to the dollar.

Global commodity stocks like Cairn, Hindalco and Sterlite led the decline. Infrastructure and banking stocks corrected sharply while pharmaceutical and FMCG stocks outperformed. The broader market took a huge whack as well. The midcap index was down 2 percentage points as the market breadth was quite negative. Also Read: Can lack of positive cues see Nifty snap 200 DMA?
It was a disappointing session for trade and a very bad start to the week, says CNBC-TV18