Nifty falls 10 points on earning woes, weak global sentiment
Mumbai: Equities extended losses for the second day Friday as select heavyweights dragged the benchmark CNX Nifty down by 10 points on the National Stock Exchange.
Trading began on a weak note amid profit-taking in frontline counters in the wake of sluggish overseas sentiment and remained bearish during most of the session.
The key-index briefly turned positive in late afternoon-trade on the back of low level buying in financials, auto and infra counters along with some short-covering but could not sustain for long.
Dr Reddy's Laboratories, DLF Ltd and Bajaj Auto declined after they posted weaker-than-expected third-quarter earnings, traders said.
Most Asian markets ended lower on renewed concerns over the health of European economy on weaker than expected eurozone growth data.
Investors are cautious and avoiding any long positions fearing the market can correct going forward due to poor macro-economic data and lack of rate cut signals from RBI, traders commented.
The 50-share Nifty fluctuated between a high of 5,899.95 and a low of 5,853.90 before ending at 5,887.40, a modest fall of 9.55 points, or 0.16 percent, over the last close.
Dr Reddy, Cairn, Grasim, DLF, Ultracemco, Bajaj Auto, Siemens, HCL-Tech, Reliance and BPCL were among the key losers from the Nifty.
The notable gainers included Tata Motors, IDFC, Bharti Airtel, Gail, Tata Power, Sun Pharma, Kotak Bank, Axis Bank, Sesa Goa and Wipro.
Turnover in the cash segment dropped to Rs 10,030.45 crore from Rs 12,747.17 crore yesterday. A total of 6,478.95 lakh shares changed hands in 57,66,774 trades. The total market capitalisation stood at Rs 66,11,767 crore.