Market turns weak on selling, Nifty slips 17 points

Market turns weak on selling, Nifty slips 17 points Mumbai: Market turned weak after a two- session uptrend on fresh bouts of profit selling in blue-chips as the benchmark CNX Nifty ended lower by 17 points at the National Stock Exchange (NSE) Thursday.

The session commenced on a modest positive note after a holiday amidst volatility with buying coming in select banking and frontline scrips. The market failed to maintain the initial momentum and slipped into negative terrain in the absence of any supportive cues.

The sentiment was also equally quiet across Asia as investors consolidated gains from a recent rally. The range- bound market remained under pressure and swung widely before settling near the day's lowest levels. Tail-end buying in select heavyweights cushioned the fall to some extent.

Though the market undercurrent is strong, investors opted to stay on sidelines ahead of a long weekend, traders said.

The 50-share Nifty hovered between a high of 5,390.65 and a low of 5,356.65 before closing at 5,362.95, a loss of 17.40 points, or 0.32 percent, over the last close.

FMCG, bank, metal and technology stocks encountered heavy sell-off.

ITC, Sterlite Industries, Hindalco, Sesa Goa, Sail, JP Associates, Asian Paints, Tata Steel, Gail and Wipro were the top percentage-wise losers from the Nifty family. The gainers included IDFC, HeroMoto, Ranbaxy, M&M, Reliance, L&T, Cipla, HCL Tech, Cairn and HDFC.

The turnover in cash segment rose to Rs 10,165.94 crore from Rs 9,384.77 crore on Tuesday. Overall, 6,104.40 lakh shares changed hands in 56,94,120 trades. Market capitalisation stood at Rs 60,74,551 crore.

PTI