Nifty slips 44 points on weak PMI, global cues

The benchmark Nifty ended negative following selling in key front-line shares of banking and IT counters as the key index lost 43.90 points to finish at 7,805.90 on the back of dismal manufacturing PMIs data and subdued global cues.
The market already pressured by disappointing corporate results further disturbed by country's monthly PMI data which fell 50.5 in April as against 52.4 in March, showing the growth at its slowest pace in four months.
The market opened gap-down and traded mostly in lower volumes with global cues also not supportive to end in red.
Selling pressure witnessed in key bluechips of banking shares including state owned lenders and private financials followed by IT and pharma counters.

Some buying activity was seen in metal and energy, while the secondline midcap and smallcap shares gained.
The 50-share index opened lower at 7,822.70 and hovered between 7,829.80 and 7.777.30 before ending at 7,805.90, a loss of 43.90 points, or 0.56 per cent.

Elsewhere, Asian stocks ended lower as Japanese shares tumbled on surging Japanese yen against dollar, while European markets trading higher as a sharp decline in the previous session prompted investors to look for bargain.
Stockwise, major losers were ICICI Bank 4.3 per cent, Dr Reddy 2.49 per cent, Adani Port 2.20 per cent, TeckM 1.84 per cent, Bharti Artl 1.60 per cent and SBIN 1.59 per cent.

While notable gainers include Hindalco 2.39 per cent, GAIL 2.01 per cent, BHEL 1.83 per cent, Auropharma 1.30 per cent, Ambuja Cement 1.27 per cent.
Turnover in cash segment slumped to Rs 14,408.84 crore compared with Rs 18,497.22 crore yesterday.
A total of 8,673.66 lakh shares changed hands in 61,86,175 trades. The market capitalisation of the NSE stood at Rs 95,23,870 crore.