Nifty scales 2013 peak, later retreats on heavy sell-off

The benchmark CNX Nifty scaled its highest level in 2013 before drifting lower and ending with modest losses on heavy profit booking on the National Stock Exchange (NSE) today.
The NSE bellwether climbed to 6,252.45, its highest peak in the current calender year, in intra-day trade, buoyed by better-than-expected second quarter earnings and strong fund inflows. However, it fell back in late afternoon trading.
Technology, healthcare, energy and metal stocks were hit the hardest by a wave of selling. Rate sensitive counters like bank, auto and FMCG attracted huge buying interest.
After overcoming initial sluggishness, the key index regained its strength and kept up the momentum on the back of across-the-board buying spree.

It soon lost momentum due to selling as investors turned cautious ahead of of next week's RBI monetary policy meet along with expiry of derivative contracts. Some low-level buying support cushioned the fall.
The 50-share Nifty swung widely between a high of 6,252.45 and a low of 6,142.95 before ending at 6,164.35, a loss of 14 points, or 0.23 per cent, over its last close.

Other Asian markets ended in the green, buoyed by upbeat Chinese manufacturing data, which touched a seven-month high in October. The gains were capped following jitters in the money market, triggering concerns over liquidity squeeze in the world's second-biggest economy.

HCL Tech, Wipro, Coal India, TCS, BHEL, Jindal Steel, Power Grid, Reliance, NTPC and Ambuja Cement were the key index laggards. Main gainers were Ranbaxy, IDFC, NMDC, M&M, GAIL, HDFC Bank, L&T, Tata Motors, Cairn and UltraTech.
Turnover in the cash segment declined to Rs 11,986.11 crore from Rs 12,069.94 crore yesterday. A total of 7,118.75 lakh shares changed hands in 61,58,646 trades, while market capitalisation stood at Rs 65,69,755 crore.