Nifty slips 37 points on Q1 earnings

Nifty snapped a two-day winning streak, slipped by 37 points owing to selling pressure on sectoral front majorly led by Banks as June quarter earnings raised asset quality concerns. The fall was also partly led by profit booking in Finance Services, Realty, Energy, Infra and Pharma stocks, barring FMCG and IT stocks saw some mild gains.
In overseas markets, European stocks edged lower ahead of the outcome of the monetary policy meeting of the European Central Bank (ECB). Earlier during global day, Asian stocks ended on a mixed note.
The 50-share Nifty resumed higher at 8,582.70 and hovered in a range of 8,585.25 and 8,503.45 before closing at 8,510.10, showing a net loss of 55.75 points, or 0.65 per cent from its last close.

In sectoral front, Nifty PSU fell by 2.81 per cent, followed by Banks (1.55 per cent), Pvt Banks (1.55 per cent), Finance Service (1.17 pc), Realty (1.09 pct), Energy (1.04 per cent) and Infra (0.87 per cent). However, FMCG and IT were mild gainers by 0.19 and 0.07 pct, respectively.
Index lossers included, Axis Bank (3.62 per cent), PowerGrid Corp (3.47 percent), Bank Of Baroda (3.36 per cent), Bhel (2.81 per cent) and Kotak Mah (2.76 pct).
However, ACC rose by (4.68 pct), followed by UltraTech Cem (2.21 per cent), IndusInd Bank (1.62 per cent), Ambuja Cem (1.49 per cent) and AsianPaints (1.38 per cent).

A total 1,018 stocks declined, 585 advanced while 68 ruled stable. Total securities that hit their price bands today stood at 101.
Turnover in cash segment rose to Rs 21,467.83 crore from Rs 19,180.48 crore as on Wednesday.
A total of 12,732.05 lakh shares changed hands in 84,36,071 trades. The market capitalisation of NSE stood at Rs 104,39,612 crore.