Nifty down by 41 pts on macro data, PSU banks surge

The volatile market slipped after its previous session sharp pull-back rally, as selling in most of the counters led the benchmark Nifty to once again end below the crucial 8,500-level by lossing 41.25 points at the National Stock Exchange (NSE).
Disappointing macro numbers as India's exports contracted for the eighth straight month by 10.3 percent in July to USD 23.13 billion, thus pushing trade deficit to USD 12.81 billion amid continuing fall in Rupee amid lack of definite trigger cautioned the investors sentiment.
Most of the counters led by Energy, Infra, Realty, IT, FMCG, Pharma and Auto counters incurred profit-booking.

Though Banking index gained as well as PSU banks spurted on government announcement of an 'Indradhanush' plan to revive the ailing public sector banks amid a Rs 20,000-crore capital infusion.
Tradewise, the Index opened slightly higher amid mostly lower Asian cues, but immediatly fell, though bouts of buying momentum in later half pared the losses to some extent.
Elsewhere, Asian markets ended on a mixed note, while European markets were ruling steady in early trade.

The broader 50-share Nifty opened up by 8,530.50, soon slid to a low of 8,428.05 before closing at 8,477.30, showing loss of 41.25 points, or 0.48 per cent over its last close.

Stockwise, major losers were Cipla (4.93 per cent), Hindalco (2.68 per cent), Zeel (2.55 per cent), ONGC (2.37 per cent), HeroMotoCorp (2.29 per cent), Reliance (1.68 per cent) and HDFC (1.57 per cent).
While Notable gainers were Bank of Baroda spurted by 15.4 per cent, PNB (4.24 per cent), SBIN (4.19 per cent), Tata Steel (3.85 per cent) and GAIL (2.34 per cent).
Turnover in the cash segment fell to Rs 16,112.86 crore as against Rs 17,997 crore last Friday.
A total of 8,473.40 lakh shares changed hands in 75,41,774 trades and the total market capitalisation of NSE stood at Rs 101,34,013 crore.