Market takes pause after reform-led rally; Nifty down 10 pts

The market witnessed an uninterrupted nine-session surge on the back of reform-led rally.

Trading started on a subdued note following sluggish cues from Asian markets and overnight fall in US stocks. Modest selling was seen in oil & gas, select technology and metal counters, while most of the action was centred around mid-cap and small-cap counters.

The key index remained in a tight-range throughout the session before closing with a modest loss.

The overall trading sentiment was dampened by some cautiousness in view of political opposition to reforms and a sharp spike in retail inflation which rose to 10.03 per cent in August, trader said.

Moreover, investors book profits ahead of a trading holiday tomorrow in view of 'Ganesh Chaturthi', they added.

The 50-share Nifty hovered between a high of 5,620.55 and a low of 5,586.45 before ending at 5,600.05, showing a loss of 9.95 points, or 0.18 per cent, over the last close.

Cairn, Wipro, TCS, Hindalco, Reliance, Tata Motors, DLF, Cipla, NTPC and Tata Steel were the top percentage-wise Nifty losers. PNB, BHEL, SBIN, Bank of Baroda, Gail, Jindal Steel, JP Associates, Axis Bank, Bharti Airtel and Infosys finished higher.

The turnover in cash segment dropped to Rs 13,880.16 crore from Rs 18,236.13 crore yesterday. Overall, 9,181.16 lakh shares changed hands in 68,02,840 trades. Total market capitalisation stood at Rs 62,87,731 crore.