Nifty washes out initial gains on IT sell-off

The NSE 50-share Nifty washed out initial gains and slipped 9.50 points to end at 9,606.90 due to fag-end selling pressure mainly in IT and metal sectors.
The benchmark resumed slightly lower at 9,615.55 but firmed up immediately to 9,654.15 on strong buying on hopes of interest rate cut by the Reserve Bank following lower inflation and IIP data.
However, it dropped afterwards to 9,595.40 before ending at 9,606.90, showing a marginal loss of 9.50 points or 0.10 per cent.
The Nifty IT index fell 1.26 per cent and metal 0.77 per cent while realty rose 0.73 per cent.
Major Nifty losers were Vedanta 2.69 per cent, HCL Tech 2.13 per cent and Tata Motors 1.78 per cent.

However, Power Grid rose 1.96 per cent, Lupin 1.68 per cent, NTPC 1.30 per cent, HDFC 1.22 per cent and Bank Of Baroda 1.01 per cent.

Turnover in the cash segment fell to Rs 20,504.07 crore from Rs 22,225.52 crore yesterday.
A total of 11,226.37 lakh shares changed hands in 82,29,924 trades.
The market capitalisation of listed firms on the NSE stood at Rs 1,25,12,390 crore.