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FMCG, oil and gas stocks drag down Nifty

Press Trust of India  |  Mumbai 

Trading commenced on a cautious note after Friday's impressive surge with profit-taking in select blue-chips and index heavyweights, though the fall was limited due to firm buying in banking, auto, infra and metal counters.

The global sentiment remained vulnerable as most markets retreated from recent highs with investors refocusing on deteriorating growth outlook despite the recent stimulus measures from major central banks.

Most of the action was centred around second line counters on the back of flow.

The key-index traded in a tight-range through-out the session before slipping back into negative terrain in late after-noon trade.

Though, the under-current is strong, investors opted to be cautious and booked profits in select counters, traders said.

The market had rallied last week after the government pushed through some long delayed reform measures to revive sagging economic growth.

The 50-share Nifty fluctuated between a high of 5,709.85 and a low of 5,662.75 before ending at 5,669.60, a fall of 21.55 points, or 0.38 per cent, over the last close.

HDFC, ONGC, SAIL, ITC, Hindunilvr, Power Grid, HCL- tech, Reliance, Ranbaxy and PNB were the top percentage-wise Nifty losers. BHEL, Jindal Steel, Maruti, M&M, Reliance Infra, Siemens, IDFC, JP Associates, Dr Reddys' and Sun Pharma topped the gainers' from the index.

The turnover in cash segment dropped to Rs 16,081.54 crore from Rs 19,083.21 crore last Friday.

Overall, 10,386.9 lakh shares changed hands in 77,61,641 trades. Total market capitalisation stood at Rs 63,65,370 crore.

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First Published: Mon, September 24 2012. 20:35 IST