Nifty snaps 10-day rally on profit booking, loses 16 points

Written by PTI | Mumbai | Updated: Apr 4 2014, 01:10am hrs
NiftyThe 50-share index dropped by 16 points but not before hitting a new peak amid volatility.
The benchmark index Nifty snapped a 10-session gaining spree and logged modest losses today on profit-booking but managed to hold on to the crucial 6,700 mark at the National Stock Exchange (NSE).

The 50-share index dropped by 16 points but not before hitting a new peak amid volatility. The index spurted to 6,776.75 on the back of FII inflows but later lost momentum due to selling in state-owned banks over worries about further slide in domestic bonds.

Energy, infra and realty stocks, too, saw profit-booking. Shares from mid and small-cap companies also incurred losses. However, FMCG, pharma and metal counters attracted buying interest.

Meanwhile, FIIs bought shares worth a net Rs 594.67 crore yesterday, as per provisional stock exchange data.

The market opened high on firm Asian cues and hit fresh record highs, but soon ran out of steam. However, it recovered some lost ground in late trade and ended with modest losses.

State-owned BHEL lost 3.10 per cent, realty major DLF 2.75 per cent, GAIL 2.60 per cent, IndusInd Bank 2.47 per cent and Bank of Baroda slipped 2.32 per cent.

The Nifty traded between a high of 6,776.75 and a low of 6,696.90, before closing at 6,736.10 points, down 16.45 points, or 0.24 per cent, over its last close.

Other top losers were PNB, IDFC, Axis Bank, BPCL and Coal India. Asian Paints, Jindal Steel, HUL, Lupin, Ambuja, Cipla, NMDC, Dr Reddy's, UltraTec and Hindalco posted gains.

Turnover in the cash segment declined to Rs 15,852.65 crore from Rs 16,195.34 crore yesterday. A total of 9,828.04 lakh shares changed hands in 74,89,371 trades, while market capitalisation stood at Rs 73,19,709 crore.