The stock market failed to hold on to gains due to selling in banking counters amid choppiness and investor cautiousness, leading the benchmark index Nifty to end almost flat on the National Stock Exchange (NSE) here today ahead of the GDP data and next week's RBI policy.
The volatile market also saw firm buying in key FMCG, pharma, IT, infra, realty, metal and auto stocks. Selling by FIIs, who were major buyers of Indian stocks recently, also weighed down on the sentiment.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 522.19 crore yesterday, as per provisional data from the stock exchanges.
Most of the Asian stocks ended lower.
Numbers released by the Government after market hours showed that Indian economy grew at 4.7 per cent in 2013-14 while the expansion was 4.6 per cent in January-March quarter of the last financial year.
The 50-share Nifty resumed higher at 7,254.85 and hovered between a high of 7,272.50 and a low of 7,118.45 before closing at 7,229.95, a loss of 5.70 points, or 0.08 per cent, over the previous close.
Most of the banking shares witnessed selling. Bank of Baroda dropped 3.89 per cent, SBIN 2.44 per cent and HDFC Bank lost 2.16 per cent.
State-owned BPCL lost 2.65 per cent and PowerGrid fell 2.44 per cent. Other notable losers were IndusInd Bank, HDFC, ICICI Bank, Axis Bank and Tata Motors.
Among the few gainers, HUL rallied 8.43 per cent, NTPC 5.49 per cent, M&M 4.97 per cent, Sun Pharma 4.10 per cent and Cipla rose 3.25 per cent.
Turnover in the cash segment surged to Rs 26,092.91 crore from Rs 23,723.49 crore yesterday. A total of 13,360.34 lakh shares changed hands in 91,55,337 trades, while market capitalisation stood at Rs 82,51,346 crore.
