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Journalism of Courage
Macro economic concerns and negative global cues weighed on investor minds as the benchmark Samp;P CNX Nifty lost 18.70 points at the National Stock Exchange NSE here on Friday.
The 50-share index oscillated between a high of 5,631.70 and a low of 5,562.75 before closing at 5,581.10,a loss of 18.70 points,or 0.33 per cent,over its last close.
Trading commenced on a positive note,aided by TCS earnings and select buying in heavy weights,though cues from global market were not supportive.
The benchmark index traded in a narrow range before it reversed tread as volatility crept into the market and cautious traders opted to book profits at higher levels.
Heavy selling was witnessed in FMCG,banking,oil amp; gas and pharma counters.
IT behemoth TCS8217; better-than-expected earnings from first quarter of FY12 generated some positive buying in tech counters along with select financial and auto scrips,providing cushion to a falling market.
8220;The key concern for investors is rising inflation and the RBI8217;s approach to control it. 8220;Since result season is going on,trading is likely to be rangebound,8221; traders said.
Tata Motors,RPower,Sesa Goa,GAIL,ONGC,Kotak Bank,HDFC,Cipla,Reliance Infra and Sterlite Industries were the top losers from the Nifty bunch.
However,TCS,HCL,PowerGrid,Mamp;M,BPCL,Wipro,HDFC Bank,IDFC,Maruti and Reliance Industries registered gains.
Turnover in cash segment dropped to Rs 8,815.95 crore from Rs 11,735.25 crore yesterday. A total of 4,720.01 lakh shares changed hands in 48,10,149 trades. The market capitalisation stood at Rs 65,89,214 crore.
