Nifty slides 60 pts on global bearishness

Mumbai: Renewed concerns over the euro zone debt crisis and settlement of derivative contracts amid funds unwinding towards the year-end led to the benchmark CNX-Nifty falling by 59.55 points at the National Stock Exchange (NSE) here today. Market resumed on a lower note being the expiry day in the last series of the year on the backdrop of sluggish global sentiment and continued to trade in a narrow range during most part of the morning session.

The key index encountered huge volatility throughout the day as traders rolled over their positions in futures & options (F&O) segment to January 2012 series. But a sudden bout of sell-off towards the final hour of trade in heavyweight and blue-chip counters dragged the market down. "Investor left with one trading session tomorrow to bid adieu to the year 2011, markets are bound to see volatility as no domestic or overseas cues are supportive, a trader said.

Overall, the trading sentiment was cautious due to falling rupee and ahead of the important Italy bond auction, they added. All sectoral indices ended in red with oil&gas followed by banking, technology and fmcg taking the lead. The 50-share Nifty slipped to a intra-day low of 4,639.05 before finishing at 4,646.25, a loss of 59.55 points, or 1.27 per cent, over its last close. Rcom, Reliance Infra, Tata Power, BHEL, BPCL, Reliance, Ambuja Cement, Maruti, DLF and GAIL were the top losers from the Nifty pack.

However, Jindal Steel, Grasim, PNB, Sail, SBIN, Sterlite Industries, Hindalco, Rpower, Hindunilvr and Ranbaxy managed to end in green. Turnover in cash segment surged to Rs 8,925.98 crore from Rs 6,217.72 crore yesterday. A total of 6,868.08 lakh shares changed hands in 45,37,848 trades. The market capitalisation stood at Rs 52,26,771 crore.