Nifty drops 93 points, ends below 10,500

The NSE 50-share Nifty fell 93.20 points to close at 10,452.30 following widespread selling in PSU Bank, Auto, Metal, Media and Realty counters.

A rise in global crude oil prices also hit the market sentiment. India imports the majority of its crude oil requirement and a surge in crude prices will add to the country’s fiscal deficit.

The market opened with gains but later turned choppy in the absence of any major cues, both domestic and global as Asian markets were closed for long lunar holidays.

Banking stocks fell in the aftermath of the Rs 11,400-crore fraud case at Punjab National Bank.

The NSE Nifty ended at 10,452.30, declining 93.20 points, or 0.88 per cent, after shuttling between 10,612.90 and 10,434.05.

Overseas, barring Japan, most Asian markets were closed for Lunar New Year holiday.

European stocks gained with the ongoing recovery on Wall Street.

On the sectoral front, PSU Bank fell by 2.49 per cent, followed by Auto 1.70 per cent, Metal 1.50 per cent, Media 1.49 per cent, Realty 1.24 per cent, Energy 1.20 per cent, Nifty Bank 1.02 per cent, Private Bank 0.94 per cent and Finance Service 0.90 per cent.

Major index losers were Eicher Motors 3.57 per cent, Tech Mahindra 3.52 per cent, SBI 2.53 per cent and Yes Bank 2.50 per cent.

Gainers were Ambuja Cement 1.44 per cent, Infosys 1.22 per cent, Cipla 0.87 per cent, Dr Reddy’s 0.81 per cent and Kotak Mahindra Bank 0.77 per cent.

The market breadth, indicating its overall health, was in favour of losers. On the NSE, 353 stocks advanced, 1,431 declined and 47 remained unchanged.

Total securities that hit their price bands were 233.

Turnover in the cash segment fell to Rs 29,800.48 crore from Rs 31,825.40 crore yesterday.

A total of 14,989.77 lakh shares changed hands in 10,146,183 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,45,07,705 crore.