Nifty slips 45 points, ends below 8,600-level

The benchmark Nifty today fell 45 points to settle at 8,590.65 following disappointing earning numbers in key pharm heavyweights and caution ahead of july derivative expiry on Thursday.
Trading volatile and tight-range in most of the session, the sentiments were bridled by caution due to key central banks meet of US and Japan amid mixed global cues. Later, the disappointing earning results in key Pharma sector led the market succumbing to heavy profit-booking at the tail-end trade, while finishing below the key 8,600-level.
Drug major Dr Reddy's Laboratories dropped 4.67 per cent after its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter.

Shares of the country's largest carmaker Maruti Suzuki plunged 1.74 per cent, despite reporting a 23 per cent jump in profit for June quarter.
Elsewere, Asian markets ended mixed, while Japanese stocks fell as expectations receded with regard to the government's soon-to-be announced fiscal stimulus package.
European markets were also trading narrowly mixed.

The 50-share Nifty resumed flat at 8,633.75 and moved between 8,644.90 and 8,577.15 before closing at 8,590.65, showing a loss of 45 points, or 0.52 per cent.
Selling was led by Pharma (1.50 pct), Auto (1.32 pct), PSU banks (1.14 pct), Realty (1.29 pct), Bank (0.68 pct), PVT Banks (0.64 pct) Financials (0.58 pct), Commodities (0.44 pct).

Stockwise the losers were Dr Reddy (4.67 pct), Hndalco (2.63 pct), ICICI Bank (2.61 pct), Heromotoco (2.13 pct), Auro Pharma (1.92 pct), VEDL (1.39 pct) and SBIN (1.39 pct).
A total 1,075 stocks declined, 538 advanced, while 61 ruled stable.
Turnover in cash segment climbed to Rs 23,506.41 crore from Rs 21,413.85 crore yesterday.
A total of 13,587.00 lakh shares changed hands in 88,65,756 trades. The market capitalisation of NSE stood at Rs 10,569,012 crore.