Market ignored government's victory in the Rajya Sabha over FDI in retail issue today with operators resorting to profit-booking and the benchmark Nifty falling by 24 points at the National Stock Exchange.
After opening on a firm note, the key index moved in a tight range ahead of the vote on FDI in Rajya Sabha later in the day. But gradually it gave away initial gains and slipped into negative terrain by mid-afternoon.
Some lower level bargain hunting, however, helped the index to cut short losses and closed above the 5,900 level.
Brokers feel the market should hold firm over the next few days in the wake of government's victory in parliament over fdi issue, possibility of more reforms coming and possible reduction in interest rates by the Reserve Bank as indicated by Governor D Subbarao.
Financials, technology, oil&gas, fmcg, metal and realty counters witnessed selling while auto and pharma attracted good buying interest.
The Nifty fluctuated between a high of 5,949.85 and a low of 5,888.65 before finishing at 5,907.40, a fall of 23.50 points, or 0.40 per cent, over the last close. DLF, Axis Bank, Sesa Goa, HCL-Tech, Tata Steel, Reliance, Reliance Infra, TCS, Power Grid and Asian paint were the top Nifty loser. The gainer included Maruti, M&M, Tata Power, JP Associates, Lupin, Bank of Baroda, Jindal Steel, BHEL, Cairn and HeroMotocop.
The turnover in cash segment declined to Rs 13,417.44 crore from Rs 13,609.54 crore yesterday. Overall, 8,770.36 lakh shares changed hands in 66,48,154 trades. Totol market capitalisation stood at Rs 66,76,906 crore.