Nifty slips 22 pts on weak global sentiment;pharma stocks jump

A combination of extremely weak global sentiment amid profit-taking pulled the benchmark Nifty down by 22 points today.
The 50-share Nifty fluctuated between a high of 6,786.25 and a low of 6,750.30, before concluding at 6,761.25, a fall of 21.50 points, or 0.32 per cent, over its last close.
FMCG, auto, energy, metal, infra and technology stocks were the major sectoral laggards, while healthcare, financials and mid-cap counters outperformed.
Market got off to a quiet start after last weekend's heavy sell-off and mostly moved in a tight range throughout the session due to lack of major triggers.
The domestic market sentiment remained weak in line with the overall global uncertainties following renewed tension in Ukraine and concerns on El Nino impacting the rainfall.

A sharp rally in healthcare stocks was the highlight of the trading boosted by global pharma deal frenzy after US pharma giant Pfizer confirmed renewed takeover bid for AstraZeneca.

The market has already rallied on expectations a stable government at the centre, but some amount of correction is expected in run-up to the election outcome as well as earnings growth for the Q4, a trader said.
Despite the recent rally in the equity market, valuations are still reasonable, he added.
Elsewhere in Asia and emerging markets, equities ended lower on renewed concerns over escalating geopolitical tensions in Ukraine amid investors caution ahead of two-day Federal Reserve meet begins tomorrow.

Ambuja Cement, Asian Paint, BHEL, Gail, HCL-Tech, ACC, Hindalco, Heromotoco, L&T and Tata Motors were the prominent index stock losers.
The key gainers included Cipla, Sun Pharma, Wipro, Dr Reddy, Kotak Bank, SBIN, Bank of Baroda, Techm, Power Grid and Lupin.
Turnover in the cash segment dropped to Rs 13,994.74 crore from Rs 15,877.71 crore last Friday. A total of 7,767.01 lakh shares changed hands in 61,41,227 trades, while market capitalisation stood at Rs 74,43,543 crore.