Nifty sheds 36 pts on weak global cues

Deepening concerns over domestic macroeconomic woes amid deterioting global enviornment dented investor sentiment as across the board sell-off dragged the benchmark S&P CNX Nifty lower by 36 points at the National Stock Exchange (NSE) today.

Fears over the looming fiscal crisis in the US and renewed euro-zone debt worries swept across the global financial markets, resulting in large-scale unwinding. The global spillover and just announced disapponting domestic economic growth output data kept investors on the edge.

Trading began with a gap-down on the back of global bearishness amidst heavy selling pressure. The sell-off got accelerated further in mid-afternoon as weak opening in European markets pushed the benchmark deep in the red.

However, bargain hunting at low levels along with strong buying in select heavyweights towards the tail-end led some recovery, though the market ended with losses.

On the sectoral front, FMCG, technology, pharma, auto, metal and capital goods stocks encountered heavy selling.

The 50-share Nifty plummeted to a low of 5,603.55 before finishing at 5,631, registering a fall of 35.95 points, or 0.63 per cent, over the previous close.

UltraTech Cement, ITC, Tata Steel, Jindal Steel, TCS, Grasim, Sesa Goa, Wipro, Infosys and Tata Motors were the top losers from the Nifty pack. The key gainers included Bharti Airtel, Kotak Bank, DLF, IDFC, Cairn, BHEL, Axis Bank, HUL, Reliance Infra and Coal India.

The turnover in cash segment was substantialy higher at Rs 13,234.14 crore. Overall, 8,068.36 lakh shares changed hands in 68,55,489 trades. Total market capitalisation was Rs 64,12,192 crore.

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