Nifty tumbles by 88 pts on profit booking

Mumbai: The pull-back rally witnessed in the market over the last few sessions came to an abrupt halt with traders resorting to profit booking in the latter part of the session on Friday that led to the benchmark S&P CNX Nifty falling by 87.50 points on the National Stock Exchange (NSE).

The 50-share index swung wildly between 5,599.25 and 5,441.95 before closing at 5,458.95, down by 87.50 point or 1.58 per cent over its previous close.

The session commenced on a highly positive note with consistent buying in frontline counters amidst buoyancy in global markets that took the key-index to close to 5,600 mark.

But later, the market witnessed huge volatility. The selling pressure emerged in almost all sectors which had participated in the recent pull-back rally indicating a widespread profit-taking by traders.

"It is all-in the game, the recent pull-back rally which helped the index recover by 350-points itself is the reason for profit-booking,", a trader commented.

Reliance Capital, RCom, Suzlon, RPower, JP Associates, Reliance Infra, BPCL, SAIL, Tata Motors and ONGC were the top losers from Nifty.

However, Hindustan Lever, Jindal Steel, BHEL, Cipla and Dr Reddy`s registered gains.

Total turnover in the cash segment shot up to Rs 14,162 crore from Rs 11,790 crore Thursday. A total of 7,407.37 lakh shares changed hands in 70,12,520 trades. The market capitalisation stood at Rs 63,30,531 crore.