Market cautious ahead of US poll; marginal gains in Nifty
Mumbai: The markets saw cautious trading on Monday ahead of the US presidential poll and select buying in heavyweight stocks helped the benchmark S&P CNX Nifty close marginally higher by 7 points at the National Stock Exchange.
The 50-share Nifty moved between a high of 5,709.20 and a low of 5,679.50 before settling at 5,704.20, showing modest gain of 6.50 points, or 0.11 percent, over the previous close.
The operators were cautious in view of the US presidential poll and weak overseas advices amid disappointing economic data from Spain.
Trading began on a subdued note and there was also some profit-taking in select frontline stocks. The benchmark traded in a tight range throughout the session with investors preferring to sit on sidelines.
However, there was some buying seen towards the fag end of the session in fcmg, healthcare and bank stocks which helped the key index cut short its early losses and end with slender gains.
Kotak Bank, ITC, ACC, Asian Paint, Dr Reddy, BPCL, Ambuja Cement, Cipla, Coal India and HDFC Bank were the top percentage-wise Nifty gainers. Key losers included Hindalco, Bajaj Auto, Jindal Steel, JP Associates, DLF, Tata Power, IDFC, Cairn, Tata Steel and Ranbaxy.
The turnover in cash segment dropped to Rs 7,761.39 crore from Rs 10,289.38 crore registered last Friday. Overall, 4,785.66 lakh shares changed hands in 45,02,918 trades. Total market capitalisation was Rs 64,25,387 crore.