Nifty falls 74 points after marking new milestones

The market witnessed wide momentum after the unscheduled post-budget repo rate cut by the Apex bank as intense higher level profit-booking in most of the frontline counters led the benchmark Nifty fall 73.60 points at National Stock Exchange (NSE).
Earlier, before the market hours the RBI surprised the financial markets by cutting the prime lending rate by 25 basis points to 7.50 per cent from 7.75 per cent on the back of softening inflation and contemplating positive macro- outlook, taking the key index to log all time new high of 9,119.20.
Later, the market succumbed to final hour hectic profit-booking in Metals which slid by 2.57 per cent, Energy 1.31 per cent, Banks 1.59 per cent, PSU banks 3.04 per cent, financials 1.17 per cent, followed by IT, Realty, Infra and Auto counters.

The broader market also witnessed selling with MidCap and Smallcap companies shares losing over 1 to 2 per cent.
However, good value buying in seen key FMCG and Pharma segments.
The broader 50-share resumed gap opening at 9,109.15 and rallied to high of 9,119.20 and slipped to a low of 8,893.95 before closing at 8,922.65, showing a loss of 73.60 points, or 0.82 per cent, over its previous close.

Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 772.92 crore, as per provisional data of stock exchanges.
Elsewhere, most of the Asian stocks ended lower tracking overnight loss in US markets.

Major losers from the Nifty pack were SSLT 4.35 per cent, NMDC 4.12 per cent, Bank of Baroda 3.63 per cent, Hindalco 3.53 per cent, Cairn 3.52 per cent, Axis Bank 2.95 per cent, Jindal Steel 2.51 per cent, HDFC Bank 1.67 per cent, and Reliance 1.44 per cent.
While gainers include, Sun Pharma 6.71 per cent, DLF 1.85 per cent and ITC 0.79 per cent.
Turnover in the cash segment jumped to Rs 26,325.62 crore as compared to Rs 21,328.20 crore yesterday. A total of 13,370.83 lakh shares changed hands in 96,03,407 trades. The market capitalisation at NSE stood at Rs 102,90,328 crore.