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.
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