Sidelining weakness in Asian bourses, the Indian market opened on a positive note after overnight steep fall on Infosys' disappointing Q1 earnings and guidance.
The initial optimism was supported by a surge in technology counters following the better-than-expected numbers from IT giant TCS along with firm buying in heavyweights.
However, the bullish momentum failed to stay for long as the market came off from intra-day highs on profit-taking and traded range-bound amid choppiness. The sell-off towards the final hours of trade in metal, bank and technology stocks dragged the key index to close lower.
Trading activity was largely listless as investors adopted a cautious stand and remained on the sideline ahead of the inflation number which is scheduled for July 16.
The 50-share Nifty hovered between a high of 5,267.15 and a low of 5,216.85 before settling at 5,227.25, a loss of 8 points, or 0.15 per cent, over the last close.
Jindal Steel, Hindalco, Tata Power, SBIN, Infosys, DLF, Axis Bank, JP Associates, Sterlite Industries and BPCL were the top percentage wise losers from the Nifty bunch.
Among gainers were Hero MotoCorp, TCS, HDFC Bank, ITC, ONGC, HCL Tech, Cipla, Bajaj Auto, Bharti Airtel and Gail.
The turnover in cash segment declined to Rs 8,869.08 crore against Rs 10,324.67 crore yesterday. In all, 5,844.24 lakh shares changed hands in 46,64,599 trades. Market capitalisation stood at Rs 60,26,961 crore.
