Nifty tanks on profit-taking

Shares went down sharply amid profit taking by large operators and institutions with the benchmark CNX Nifty plunging by a hefty 75 points on the National Stock Exchange.
Frenzied selling in heavyweights in sectors like financials, energy, auto, technology, metal and infra put pressure on the key index, which finally closed below the psychologically crucial 5,700 mark.
Operators and investors alike adopted a cautious stance and booked profits as the market had gone up sharply over the last few sessions. Besides, there were apprehensions ahead of the earnings seasons starting next week and speculation about early elections also weighed on the minds of the operators.

The overall sentiment remained fragile, as market even ignored the statements by Prime Minister Manmohan Singh, expressing commitment to continue with reforms measures and efforts to spur the decelerating economy to achieve 8 percent growth.
Trading commenced on a subdued note against the backdrop of weak trend in Asian markets and the bearish tone prevailed throughout the session. The market saw huge selling pressure towards the fag-end of trading session.
The 50-share Nifty hit a low of 5,650.10 before concluding at 5,672.90, a steep fall of 75.20 points or 1.31 per cent, from the last close.

NMDC plunged 4.44 per cent, DLF 4.28 per cent, Bharti Airtel 3.87 per cent, Bajaj Auto 3.85 per cent, Bank of Baroda 3.65 per cent, Tata Motors 3.73 per cent, Ambuja Cement 3.19 per cent, Reliance Infra 2.89 per cent, L&T 2.69 per cent and Hindalco 2.58 per cent.

Sun Pharma, NTPC, Tata Power, Ranbaxy, Dr Reddy and Lupin were among the notable gainers.
Turnover in the cash segment rose to Rs 10,542.67 crore from Rs 8,821.12 crore yesterday. A total of 7,046.96 lakh shares changed hands in 59,27,712 trades. Market capitalisation stood at Rs 62,88,799 crore.