Nifty down 23 points

The relief rally lost its momentum as fresh bouts of selling pulled down S&P CNX Nifty by 23 points.

The relief rally lost its momentum as fresh bouts of selling on the back of global bearishness pulled down the benchmark S&P CNX Nifty by 23 points at the National Stock Exchange (NSE) today.

Financial markets across the globe witnessed a massive sell-off on renewed fears that US could be heading towards another recession following the weekend’s disappointing jobs data amid worries over prolonged euro zone debt crises.

The key-index fell below the psychological 5,000 mark on the opening trade itself on the backdrop of global volatility and continued to trade lower as investors preferred to take profits after its recent sharp surge mainly in technology and front line stocks.

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However,strong buying in financial,auto and select index heavyweights counters helped the market to recover some of its losses towards the end session.

Technology,oil & gas and pharma counters witnessed the most sell-off.

The 50-share Nifty oscillated between a high of 5,030.30 and low of 4,964.45 before closing at 5,017.20,a loss of 22.80 points,or 0.45 per cent over its previous close.

Wipro,Cairn,HCL-Tech,Ambuja Cement,Infosys,ONGC,Dr Reddys,Cipla,Reliance and Sterlite Industries were the top losers from the Nifty.

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However,Heromotco,Reliance Capital,Reliance Infra,JP Associates,Axis Bank,Rcom,SAIL,Bajaj Auto,PNB and Jindal Steel ended with good gains.

Turnover in cash segment declined to Rs 11,341.54 crore from Rs 12,908.45 crore last Friday. A total of 6,445.31 lakh shares changed hands in 56,76,634 trades. The market capitalisation stood at Rs 59,55,568 crore.

rime Minister Narendra Modi addresses the gathering during the inauguration of the PM MITRA Park and foundation stone laying ceremony of development works, in Dhar, Madhya Pradesh. (@NarendraModi via PTI Photo)

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