Mumbai: The benchmark Nifty recovered from lows to end flat but managed to hold on to the crucial 7,900-level in a choppy trade marked by selling in key stocks at the National Stock Exchange (NSE) on Tuesday.
Selling in energy, banking, infra and realty counters pulled down the 50-share index during early trade but select buying towards the tail-end provided cushion to the market.
Investor caution prevailed following overnight Supreme Court ruling on coal block allocations and ahead of monthly derivative expiry, as selling pressure continued in metal stocks during most of the trading hours. However, some of these stocks rebounded smartly amid tinge of short-covering.
Auto stocks also encountered profit-taking as Competition Commission (CCI) imposed a penalty of Rs 2,545 crore on 14 carmakers for violating trade norms in the spare parts and after services market.
However, the choppy market got support from buying in FMCG, pharma, IT counters and shares of mid-cap companies. Small-cap firms, however, encountered profit-booking.
On the global front Asian markets closed lower as investors keenly looked for cues from the meeting between Ukrainian President and Russian leader Vladimir Putin.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 127.33 crore yesterday, as per provisional data from the stock exchanges.
The Nifty traded between a high of 7,915.45 and a low of 7,862.45 before closing at 7,904.75, showing a marginal loss of 1.55 points, 0.02 percent, over its last close.
Metal major Jindal Steel continued to suffer, losing another 6.53 percent, while Tata Power was down by 2.82 percent, ACC 2.63 percent, IDFC 2.59 percent and ONGC slipped 2.51 percent.
Notable gainers included Hindalco 3.43 percent, Tata Steel 2.53 percent, Lupin 1.95 percent, Tech Mahindra 1.72 percent and GAIL rose 1.63 percent.
Turnover in the cash segment moved up to Rs 14,459.88 crore from Rs 14,400.49 crore yesterday. A total of 8,321.33 lakh shares changed hands in 68,12,551 trades, while market capitalisation stood at Rs 90,15,702 crore.
