Nifty down 7 points in choppy trade; Sun Pharma shines

The benchmark CNX Nifty snapped a three-session gaining spree and closed lower by 7 points in an extremely volatile trade on the National Stock Exchange (NSE) amid profit taking ahead of monthly settlement in derivatives.
Trading sentiments turned highly cautious ahead of May series expiry of derivative contracts tomorrow and domestic economic growth data on Friday.
After a firm start, the 50-share index turned choppy following selling in frontline counters and nervousness ahead of earnings from top corporates like ONGC, Cipla and Tata Motors.
Market remained under intense selling pressure during most part of the day with the key index briefly sliding below 6,100 before recovering some ground on short-covering.

Financial, technology, metal, infra and realty stocks witnessed good amount of selling, while healthcare, FMCG, auto and energy counters saw strong buying.
Meanwhile, most Asian stocks ended higher as sentiment was lifted by overnight record close on Wall Street following upbeat US macroeconomic data. European markets retreated on the back of weak German data amid speculation that the US Fed will wind down its bond-buying programme earlier than expected.

The Nifty swung widely between a high of 6,125.05 and a low of 6,069.80 before ending at 6,104.30, posting a modest loss of 6.95 points, or 0.46 per cent, over its last close.

JP Associates, Ranbaxy, Grasim, Tata Steel, Jindal Steel, DLF, Sesa Goa, Gail, IDFC and IndusInd Bank were among the key losers from the index.
Sun Pharma topped the gainers' list with the stock rallying by nearly 7 per cent to close at all-time high of Rs 1,065.75 after the drugmaker reported robust Q4 earnings.
Other smart movers included Tata Motors, Coal India, Lupin, Cipla, Power Grid, ITC, HUL and Kotak Bank.
Turnover in the cash segment dropped to Rs 9,589.7 crore from Rs 11,681.39 crore yesterday. A total of 5,107.87 lakh shares changed hands in 52,43,176 trades. Market capitalisation stood at Rs 66,31,235 crore.