Markets Witness Sell Off in Heavyweights to Close in Red

Markets slumped in the last leg of trade on back of selling pressure in index heavyweights Reliance Industries, TCS, Larsen & Tourbo and ICICI Bank which dragged the benchmark down by 107 points. The Sensex dipped 287 points to end at 20,590 and the S&P CNX Nifty shed 81 points to close at 6194. The Inflation data also played a spoil sport, the food price index surged to 12.3 per cent and fuel price index spiked to 10.7 per cent year on year. The whole sale price index was up 8.6 per cent in September versus annual rise of 8.5 per cent. On the global front, Most European stocks dropped amid continued concern about the region’s most indebted nations and as technology shares fell after Cisco Systems Inc.’s forecast missed estimates. Asian shares rose while U.S. futures slid.