Market retreats on profit-taking; Nifty shed 30 pts

Equities snapped its four-session bullish momentum and fell back today on profit-taking, mainly in financials and healthcare stocks as the benchmark CNX Nifty lost 30 points on the National Stock Exchange (NSE).
Investors turned bit cautious and preferred to take out some profit after recent sharply rally which lifted the key indices to multi-year highs.
Moreover the credit rating agency Standard & Poor's statement on Friday reiterating its "negative" outlook on India's sovereign ratings despite recent government's reform initiatives dampened the overall market sentiment.
After an impressive start to the trading session against the backdrop of highly positive global cues and firm buying across the board, the key index scaled above the psychological 6,200 barriers to touch multi-month highs.

The market maintained its buoyancy for much of the session before it took a sharp reversal towards fag-end trade erasing entire early gain to conclude with losses.
Banking, pharma, FMCG, energy and infra related stocks witnessed heavy profit-selling. While auto and technology stocks provided some support to falling market.

Meanwhile, world equity markets extended its rally mood buoyed by a steady economic recovery in the US after consumer sentiment hits highest level in almost six years, boosting investors confidence amid optimistic global economic outlook, despite ongoing concerns about Federal Reserve's early exit from quantitative easing program.
Asian markets finished higher with Nikkei and Hang Seng Index both surging to multi-year highs. European shares are marginally higher in early trade after briefly touching fresh five-year highs.

The 50-share Nifty hit a high of 6,229.45 and low of 6,146.05 before concluding at 6,156.90, posting a loss of 30.40 points, or 0.49 per cent, over its last close.
Ranbaxy, Lupin, JP Associates, Bharti Airtel, ONGC, Cipla, ACC, Dr Reddy, BPCL and Kotak Bank were among the key losers from the index pack.
The key gainers included Bajaj Auto, Maruti, M&M, HCL-Tech, Coal India, Infosys, Heromotoco, Tata Steel, Cairn and TCS.
Turnover in the cash segment dropped to Rs 10,847.09 crore from Rs 11,376.31 crore on Friday. A total of 5,962.68 lakh shares changed hands in 56,997,74 trades. Market capitalisation stood at Rs 67,07,395 crore.