Indian stocks: NSE Nifty ends below 10,400; banks, metal drag
Mumbai: The NSE Nifty dropped by 74 points to extend its fall for the second straight session on sustained selling in PSU bank, metal, pharma and realty counters on a subdued note as key indices logged modest losses.
Almost all PSU lenders took a beating today as sentiment was marred by PNB fraud.
Moreover, the recent rebound in global crude oil prices also raised concerns of its adverse impact on fiscal deficit as India imports most of its oil requirements.
Overseas, European shares were trading lower. Asian shares rose as sentiment improved gradually from a recent shakeout that stemmed from fears of creeping inflation and higher borrowing costs.
The broader NSE Nifty slid below the key 10,400-level at 10,378.40, declining 73.90 points or, or 0.71 per cent, it shuttled between 10,489.35 and 10,302.75.
It saw an intra-day movement of about 186.60 points.
Sector-wise, PSU bank tumbled 2.46 per cent, followed by metal 1.71 per cent, pharma 1.67 per cent, realty 1.42 per cent, auto 1.24 per cent, media 1 per cent, IT 0.86 per cent, FMCG 0.71 per cent, Nifty bank 0.42 per cent and financial service 0.26 per cent.
Major index gainers were, Infra Tel 0.70 per cent, Coal India 0.63 per cent, Reliance 0.62 per cent, Kotak Bank 0.57 per cent and Axis Bank 0.50 per cent.
Losers included, Tata Steel 5.93 per cent followed by Adani Ports 2.86 per cent, Dr Reddy 2.78 per cent, M&M 2.57 per cent and L&T 2.48 per cent.
The market breadth, indicating the overall health of the market was weak. On the NSE, 392 stocks advanced, 1,415 declined and 52 remained unchanged.
Total securities that hit their price bands were 244.
Turnover in the cash segment fell to Rs 28,468.44 crore from Rs 29,800.48 crore on last Friday.
A total of 14,540.44 lakh shares changed hands in 9,973,096 trades. The market capitalisation of listed firms on NSE stood at Rs 1,43,81,890 crore.