Nifty drops 61 points on weak global cues

Dropping for the third session, NSE benchmark Nifty shed 61 points to end at 10,618.25 today, weighed by profit-booking mainly in pharma, auto, FMCG, metal, infra and energy sectors amidst weak Asian cues.

Overseas, European shares were trading higher while Asian stocks fell as investors monitored trade talks between the US and China.

Back home, the 50-share NSE Nifty closed at 10,618.25, down 61.40 points, or 0.57 per cent, its lowest closing level since April 26, 2018. The Nifty hit a high of 10,700.45 and a low of 10,601.60 during the day.

It saw an intra-day movement of about 98.85 points.

On the sectoral front, pharma fell by 1.66 per cent, followed by auto 1.12 per cent, FMCG 1.08 per cent, metal 1.07 per cent, media 0.62 per cent, infra 0.59 per cent, energy 0.48 per cent, PSU Bank 0.36 per cent and IT 0.15 percent.

Nifty Bank rose by 0.16 per cent and private bank 0.01 per cent.

Major index gainers were Adani Ports, GAIL, Tech Mahindra, HUL, HDFC Bank, BPCL, IndusInd Bank and Power Grid.

Losers included Sun Pharma, ITC, Bajaj Auto, Yes Bank, Eicher Motors, Axis Bank, Cipla and NTPC.

The market breadth, indicating the overall health of the market, remained weak. A total of 697 scrips advanced, 1,101 declined, while 86 remained unchanged. Total securities that have hit their price bands were 207.

Turnover in the cash segment fell to Rs 29,432.83 crore, from Rs 32,233.68 crore as on Thursday.

A total of 14,374.44 lakh shares changed hands in 1,08,06,642 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,47,75,297.38 crore.