Nifty ends below 8,600-level in volatile trade

The market sharp overnight rally wavered today as heavy profit-booking in key counters of Infra, IT, Metal, Pharma, Financials, Banks led the benchmark Nifty to close below the important 8,600-level, losing 43.70 points.
Opening positive and marking the day's of 8,654.75, the market initial momentum soon turned choppy amid fluctuating between positive and negative terrain, from the late morning saw the bourses succumbing to extreme volatility amid caution triggered by disappointing earning numbers in select stock majors as profit-booking dragged the key index to end lower.
However, the market somewhat supported by buying in Auto, PSU banks and Realty counter and secondline market also performed better with shares of midcap and smallcap companies saw good buying activity.

The broader 50-share NSE Nifty opened higher at 8,643.95 and hovered between 8,654.75 and 8,573.80 before ending at 8,589.80, a loss of 43.70 points, or 0.51 per cent.
Elsewhere, Asian stocks ended higher, while European stocks were also trading up after Greece's parliament passed a second set of conditions from international creditors for third bail-out package.
Stockwise, Luping fell 5.25 pct over its dismal Q1 net profit numbers and Bajaj Auto dropped by 4.96 per cent on below estimate Q1 profit followed by Tata Steel 3.74 per cent, Zeel 2.95 per cent, TechM by 1.98 per cent, TCS 1.56 per cent, L&T 1.26 per cent and ICICI bank 1.23 per cent.

Notable gainers were Cairn 6.44 per cent, Tata Motors 3.03 per cent, Dr Reddy 1.71 per cent, M&M 1.24 per cent and Maruti 1.02 per cent.
Turnover in the cash segment jumped to Rs 18,170.59 crore from Rs 15,962.70 crore yesterday.
A total of 8,043.10 lakh shares changed hands in 79,49,427 trades and the total market capitalisation of Nifty stood at Rs 1,01,78,734 crore.