Nifty slips 32 points in see-saw trade, banks drag

NSE Nifty snapped its four sessions of
gains, slipping 31.60 points, to finish at 8,192.90 following
profit-booking in key banking and auto counters amid continued
FII outflows and growth concerns.
Sustained selling by FIIs and subdued PMI manufacturing
growth data hit hard by demonetisation clouded mood. The
Nikkei Markit India Manufacturing Purchasing Managers’ Index
(PMI), which fell to 52.3, down from a 22-month high of 54.4
in October, triggered investor concerns.
The possibility of crude oil surge led to selling at
energy counters while auto stocks halted sustained gains amid
profit-booking.
The market opened positive on strong GDP numbers as well
as core sector growth that hit a six-month high amid higher
Asian cues. It see-sawed after data showed sharp deceleration
in manufacturing PMI while lower European meant the index
settled lower.
Meanwhile, the 14-member OPEC group of major oil
producers reached an agreement to reduce their collective
output, which sent crude price surging nearly 10 per cent.
FMCG and pharma witnessed some buying interest while
metal, banking, IT, realty, infra and energy segments saw
selling followed by midcap and smallcap shares.
The 50-share Nifty resumed higher at 8,244.00 and hovered
between 8,250.80 and 8,185.05 before closing at 8,192.90, a
loss of 31.60 points, or 0.38 per cent, from its previous
close.
Overseas, Asian markets ended higher following an OPEC
deal to cut oil output for the first time in eight years.
European shares fell in their afternoon trade today in
a broad-based sell-off, halting a two-day rally and retreating
from the previous session’s three-week highs.
Stockwise, major losers were Idea (6 per cent), PowerGrid
(3.96 per cent), Asian Paints (3.17 per cent), Hindalco (2.50
per cent), Tata Motors (2.42 per cent), ICICI Bank (2.41 per
cent) and BPCL 2.34 (per cent).
Notable gainers were GAIL (3.51 per cent), InfraTel
(2.96 per cent), Eicher (2.69 per cent), Sun Pharma (1.65
per cent) and Dr Reddy’s (1.31 per cent).
A total of 1,034 scrips declined, 583 advanced while
52 remained unchanged. Total securities that hit their price
bands were 115.
Turnover in the cash segment slumped to Rs 17,353.97
crore, from Rs 31,536.06 crore as on yesterday.
A total of 8,888.20 lakh shares changed hands in 7,580,311
trades. The market capitalisation of NSE stood at Rs
10,553,008 crore