The Nifty snapped its four session winning spree by slipping 32.75 points to close at 8,768.30 on caution ahead of the key Reserve Bank of India policy review tomorrow.
After four sessions of continuous gains the market encountered corrective leg with key rate sensitive shares of Banks, Metal, Pharma and Auto witnessed selling pressure as caution crept sentiments with Central Banks rate-setting Monetary Policy began its two day huddle started today amid mixed expectations of possible rate cut in its policy meet tomorrow.
The key index opened on flat note, later traded in range on negative terrain most of the session, while witnessing days low at 8,741.05 before ending lower while attempting mild recovery.
Overseas, Asian markets ended mixed amid reports of China's foreign exchange reserves had fallen for a seventh month adding to nervousness.
European stocks were also trading mixed in their afternoon trade with German industrial production slumped in December, led by a sharp drop in manufacturing output.
The NSE 50-share Nifty index opened slightly higher at 8,805.70 and hovered between 8,809.30 and 8,741.05 before ending at 8,768.30, a loss of 32.75 points, or 0.37 per cent, from its previous close.
It saw an intra-day movement of about 68.25 points.
Nifty Metal dropped by 1.29 per cent followed by Pharma 1.00, Auto 0.99 per cent, Commodities 0.97 per cent, Energy 0.84 per cent, Realty 0.54 per cent, Pvt Bank 0.33 per cent and Bank 0.22 per cent. Also midcap shares lost 0.45 per cent and Small cap by 0.14 per cent.
However, only PSU Bank gained 0.53 per cent.
Stockwise, major index losers were Tata Motors (3.62 per cent), Tata Mtdvr (3.13 per cent), Coal India (3.08 per cent), ONGC (2.86 per cent), Hndalco (2.21 per cent) and VEDL (1.08 per cent).
However, BHEL surged (5.59 per cent), BPCL (1.60 per cent), Bank of Baroda (1.33 per cent), L&T (1.11 per cent) and Maruti (1.03 per cent).
A total of 953 scrips declined and 705 advanced while 70 remained unchanged. The total number of securities that hit their price bands was 124.
Turnover in the cash segment jumped to Rs 30,695.96 crore, from Rs 24,045.89 crore yesterday.
A total of 18,478.53 lakh shares changed hands in 91,75,100 trades. The market capitalisation of NSE stood at Rs 11,392,980 crore.
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