Nifty consolidates in choppy trade, IT cuts a sorry figure

Benchmark Nifty consolidated today with a negative bias to close at 10,057 following fag-end profit booking in IT and pharma counters in the absence of any major triggers amid broader concerns over stock valuations.
The key index traded in a range amid choppiness. Buying was witnessed in PSU banks, realty and metal, but the fag-end profit in frontline shares pressured the market to end flat, with the index closing above the psychological 10,000-level.
Overseas, Asian markets gained after strong US hiring data boosted optimism about economic growth in the world's largest economy.
European shares were also trading mixed in their afternoon trade.

The 50-share Nifty opened higher 10,074.80 and moved in a range of 10,088.10 and 10,046.35 before concluding at 10,057.40, down 9 points, or 0.09 per cent, from its last close.
It saw an intra-day movement of about 41.75 points.

Sector-wise, IT lost (0.74 per cent), followed by media and pharma.
Major index losers were Infratel 2.14 per cent, NTPC 1.64 per cent, Infy 1.58 per cent and Dr Reddy's 1.46 per cent.
Top gainers included Tata Steel 4.20 per cent, IOC 2.92 per cent and SBI 1.95 per cent.
Mid-cap and small-cap outperformed the benchmark, with the Nifty mid-cap and small-cap rising 1.12 per cent and 1.52 per cent, respectively.

A total of 655 scrips declined, 1,041 advanced while 76 remained unchanged.
Total securities that hit their price bands were 144.
Turnover in the cash segment eased to Rs 24,375.13 crore, from Rs 27,522.07 crore yesterday.
A total of 12,879.84 lakh shares changed hands in 8,057,458 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,31,89,790 crore.