Relief rally fizzles out on European cues

Relief rally in domestic bourses was short-lived due to renewed concerns over the financial health of European countries.

Relief rally in domestic bourses was short-lived due to renewed concerns over the financial health of European countries as fag end selling pulled down the benchmark S&P CNX Nifty by 37.15 points at the National Stock Exchange (NSE) here today

Growth slowdown in Germany worsened the situation and triggered a fresh bout of selling across the European market and subsequently overlapped the Indian sentiment

Trading resumed after a long weekend on the back of overall positive global environment with the key index shooting up more than one per cent in the opening trade itself as buying was seen in technology,financials and commodity related stocks

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A bout of volatility struck the market during mid-afternoon trade on profit taking at higher levels,followed by bearish European opening sending the domestic bourses to heavy selling pressure

Strong buying in technology and FMCG counters supported the market from falling further. Though selling was widespread mid-cap and small-cap counters suffered the most

The 50-share index swung wildly between a high of 5,132.20 and low of 5,015.40 before concluding at 5,035.80,a fall of 37.15 or 0.73 per cent over its last close

JP Associates,Rcom,Reliance Infra,R Power,Reliance Capital,DLF,SAIL,Sesa Goa,IDFC and HDFC were the top losers from the Nifty

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However,TCS,BHEL,HCL Tech,ITC,Infosys,Axis Bank,Tata Motors,Dr Reddys and NTPC managed to end in gains

Turnover in cash segment dropped to Rs 9,589.51 crore from Rs 11,260.26 crore last Friday. A total of 6,229.88 lakh shares changed hands in 54,60,395 trades. The market capitalisation stood at Rs 59,97,964 crore.