NSE-Nifty edges down 9 points ahead of RIL earnings, global cues
Mumbai: The benchmark CNX Nifty failed to maintain its initial buoyancy and ended modestly lower by 9 points on the National Stock Exchange amid selling in select heavyweights and global weakness.
Financial stocks suffered the most after housing finance major HDFC posted lower-than-estimated net profit for the first quarter. Healthcare, FMCG and capital goods counters also came under intense profit-selling after recent rally.
Trading began on a positive note led by heavyweights and continued its strong buying momentum most part of the day. It turned highly volatile late afternoon as investors booked profit and preferred to stay on the sidelines ahead of major Q1 earnings announcement later in the day, including that of petrochemical giant Reliance Industries.
However, a massive rally in technology shares reacting to better-than-expected earnings from the largest software exporter Tata Consultancy Services (TCS), mainly halted the market slide.
Elsewhere in Asia, barring Hong Kong, all other markets ended lower amid growth concerns in China despite fresh record Wall Street closing boosted by a string of upbeat economic reports.
The Nifty swung between a high of 6,066.85 and a low of 6,020.25 before ending at 6,029.20, a marginal loss of 8.85 points, or 0.15 per cent, over its last close.
Public sector giant and heavy equipment maker BHEL topped the losers' list with the share plunging by over 8 per cent. Other laggards included IndusInd Bank, Axis Bank, Sun Pharma, Ranbaxy, Kotak Bank, HDFC, Jindal Steel, Sesa Goa and JP Associates.
TCS, Bajaj Auto, HCL Tech, GAIL, HeroMoto, Tata Motors, Coal India, NMDC, Cairn and Bharti Airel were among the notable Nifty gainers.
Turnover in the cash segment declined to Rs 12,330.44 crore from Rs 12,426.07 crore yesterday. A total of 5,646.65 lakh shares changed hands in 60,88,970 trades. The market capitalisation stood at Rs 64,24,943 crore.