Nifty in unchartered volatile mission

By Bharti Navlani
MUMBAI (Makemystocks): Indian Stock markets witnessed selling pressure after the sharp rally seen in the past weeks as investors cashed out of banking shares on concerns that higher oil prices will fuel inflation. IT shares were also weak as Rupee strengthened to five month high.

The 50-share S&P CNX Nifty opened in the green and touched a high of 5944 after which profit taking dragged the index to a low of 5869. The Nifty pared marginal losses and closed at 5892, down 18 points.

The European markets are trading strong the FTSE index is up by 36 points, CAC index is up by 4 points and DAX index is up by 49 points.

Realty stocks were the pioneer gainer with Unitech and HDIL rising over 5% each. Power and Auto stocks traded in positive zone. On the other hand, Telecom, IT and Banking stocks were major counters to drag market in red.

The market breadth, indicating the health of the market remained positive. On NSE, 865 shares advanced while 551 shares declined. Total of 44 shares remained unchanged.

Out of 50-share S&P CNX Nifty pack 22 scrips advanced while 28 scrips declined. Sesa Goa was up by 3.27%, Gail up by 2.64% and Hero Honda up by 2.36% were gainers from the Nifty pack.

Cairn was down by 4.45%, Wipro down by 3.34% and TCS down by 2.07% were top losers from the Nifty pack.

Outside the frontline indices, the big gainers in the broader market were HDIL, Polaris and LITl. On the other hand, losers included Idea, Cairn and Pantaloon Retail.

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