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Nifty retreats from new peak on profit-booking; down 14 points

India TV News Desk 04 Jun 2014, 21:34:56 IST
India TV News Desk
Mumbai: The benchmark index Nifty scaled a new high in intra-day trading, but retreated from the peak and today settled with modest losses due to profit-booking amid volatility at the National Stock Exchange (NSE).  

After the overnight surge, which saw the key index logging another new closing high, the market encountered selling in key counters of IT, energy, pharma and FMCG.  

Earlier, the market gained on positive sentiments generated by good FII inflows with the index touching a new high of 7,433.30 before pulling back and ending in the red.  

However, the broader market saw bouts of value buying led by banking, metal, realty and auto stocks along with mid and small-cap scrips, somewhat cushioning the fall.  Most of the Asian stocks ended lower ahead of US jobs data report.

The 50-share Nifty resumed slightly higher at 7,417.55 and hovered between a high of 7,433.30 and a low of 7,391.35 before ending at 7,402.25, a modest loss of 13.60 points, or 0.18 per cent, over the previous close.

HCL Tech lost 2.97 per cent, TCS 1.85 per cent, Bharti Airtel 1.75 per cent, Reliance 1.63 per cent and ONGC by 1.38 percent. Other laggards included Kotak Bank, HDFC, M&M, Sun Pharma and Coal India.

Among gainers, NMDC rose 5.25 per cent, IDFC 3.82 per cent, Hindalco 3.54 per cent, HeroMoto 3.24 per cent and PNB shot up 2.57 per cent.

Turnover in the cash segment eased to Rs 21,342.90 crore from Rs 21,570,93 crore yesterday. A total of 14,777.07 lakh shares changed hands in 87,65,871 trades, while market capitalisation stood at Rs 85,13,184 crore.