Stock markets hit a three-month low on weak global cues and negative sentiment back home following a sharp fall in small- and mid-cap stocks which has spooked retail and high net worth investors (HNIs). The Rail Budget, which raised freight charges by 4-5%, had a marginal impact. The Sensex slid 316.55 points, or 1.64%, to 19015.14 while the Nifty shed 93.4 points, or 1.6%, to close at 5761.35. Market breadth was negative with 2,072 stocks having declined against 774 advances on BSE. The rupee slipped 21 paise to close at 54.09. Benchmark indices tracked peers in Asia like Straits Times, Hang Seng and Nikkei which shed 1-2.3% and Europe where FTSE, DAX and CAC traded down 1.3-2.3% on fears a hung parliament in Italy could impact the nation’s reform process and reignite eurozone’s broader debt crisis.
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