Nifty at one-month low on last day of September contract

Selling, mostly across-the-segment, on the last day of Futures and Options (F&O) contracts, today pulled the CNX Nifty of the National Stock Exchange (NSE) down by 91 points to settle at one-month low of 7,911.85, extending losses for the third straight day.
Only IT, media and pharma sectors survived to settle in positive while all other segments closed with sharp to marked losses with PSU banks, realty, metal, energy, commodities and finance sectors leading the downside.
Investors lost their confidence after the Supreme Court yesterday cancelled 214 coal blocks from 218 allotted and exempted only four. As a result, coal blocks related counters from metal and banking suffered the most.

Energy stocks too were at the receiving end after the government decided to postpone the revision of gas prices.
The 50-issue CNX Nifty initially touched a high of 8,019.30 but sudden gust of selling pulled it down below 7,900-mark at 7,877.35 before recovering some ground to end at one-month low of 7,911.85, a level not seen since August 26, 2014 when it had finished at 7,904.75.
In three sessions, it has stumbled by 234.45 points or 2.88 per cent.

Top five losers from the Nifty pack were JSPL (7.70 per cent), PNB (6.15 per cent), NMDC (5.45 per cent), Axis Bank (4.82 per cent) and Hindalco (4.45 per cent) while gainers were Dr Reddy (2.52 per cent), TCS (2.48 per cent), GAIL India (2.08 per cent), Zee Learn (2.02 per cent) and Cipla (1.41 per cent).

Asian stocks settled mixed while European markets were trading weak in late morning deals.
FPIs/FIIs sold shares worth Rs 689.07 crore (USD 112.91 million) yesterday, as per Sebi data.
Turnover in the cash segment was up at Rs 22,437.48 crore from Rs 17,031.05 crore yesterday. A total of 13,326.23 lakh shares changed hands in 83,79,181 trades, while market capitalisation stood at Rs 90,47,565 crore.