Nifty marginally down as market reels under global worries

The session started with a steep one per cent fall on the back of widespread short-selling against the backdrop of global-sell-off.

Financial markets across the world tumbled under the impact of disappointing US economic data as well as worsening euro-zone sovereign debt crisis amid downgrading of 15 of the world's biggest banks by Moody's, reigniting fears of global economic slowdown.

Frontline heavyweights, bank, metal, oil & gas and select cement stocks too encountered heavy unwinding.

The sentiment got further dented after the rupee plunged below Rs 57 mark against dollar in late morning trade, dragging the key index to touch fresh intra-day lows.

However, scenario changed dramatically in late afternoon as investors took advantage of the dip to accumulate fundamentally strong pivotals. This, aided by hectic short- covering, helped the market to regain most of the lost ground.

Metal, FMCG, pharma, oil & gas, infra and capital goods saw profit-taking, while bank, auto and tech counters attracted good buying interest.

The 50-share Nifty slumped to a low of 5,094 before closing at 5,146.05, a modest fall of 18.95 points, or 0.37 per cent, over the last close.

JP Associates, Hindalco, ACC, Ambuja Cement, Tata Steel, HCL Tech, Sail, Jindal Steel, Coal India and Axis Bank were the top percentage-wise losers from Nifty bunch.

ONGC, Kotak Bank, Bank of Baroda, Cipla, TCS, Maruti, Hero MotoCorp, Bajaj Auto, ICICI Bank and HDFC Bank gained.

The turnover in cash segment rose to Rs 10,048.11 crore against Rs 9,754.02 crore yesterday. In all, 6,363.91 lakh shares changed hands in 51,80,098 trades. Market capitalisation stood at Rs 58,82,578 crore.