NSE Nifty falls 19 pts on global cues, select selling

Trading began on a weak note following subdued global cues and profit-taking in frontline heavyweights. Sentiment was also dampened by concerns the Government may find it tough to push much-awaited reforms due to lack of political support.

It remained under pressure and kept sliding on the back of broad-based sell-off. The key index broke the crucial support 5,100 level in the late afternoon for a brief period.

However, positive opening in European markets and follow up buying in FMCG, tech and select blue-chips stocks helped the market to swiftly bounce back from the day lows.

Volatility prevailed in the market, particularly in several F&O stocks associated with tomorrow's expiry, due to the NSE decision to remove 51 stocks from the futures and options segment after regulator SEBI tightened norms for retaining and including stocks in the derivatives segment.

On the global front, Asian markets continued to reel under immense selling pressure on concerns over deteriorating eurozone debt crisis compounded by worries of bailing out Spain and its debt-wracked regions. European stocks rebounded after three-day fall on expectations of strong ECB policy steps to boost eurozone's new bailout fund.

The 50-share Nifty oscillated between a high of 5,121.60 and a low of 5,076.60 before ending at 5,109.60, a loss of 18.60 points, or 0.36 per cent, over the last close.

Jindal Steel, Sail, RInfra, Tata Steel, Bharti Airtel, Hindalco, HUL, Wipro, PNB and JP Associates were the top losers from the Nifty pack. HCL Tech, Ambuja Cement, DLF, ITC, Sun Pharma, ACC, Grasim, Cipla, TCS and Gail posted gains.

The turnover in cash segment rose to Rs 9,010.66 crore against Rs 8,621.12 crore yesterday. In all, 5,942.10 lakh shares changed hands in 48,04,652 trades. Market capitalisation stood at Rs 58,87,047 crore.