Mumbai: The NSE benchmark Nifty today washed out most of its initial gains and closed just 3.85 points up after markets witnessed fag-end selling pressure in key banking, energy and pharma counters.
Extending gains for fifth straight session on higher Asian markets despite volatility, firm buying in FMCG, Realty, Auto and IT segments led the key index to day's high of 8,870.10. Data showed January Wholesale Price Index (WPI) inflation contracted 0.39 per cent for second time in three months to five-and-half year lows. This also lifted the sentiment on hopes of more rate-cuts by RBI.
However, reports of Finance Minister Arun Jaitley considering reimposing five per cent customs duty on crude oil imports to boost revanue, led to profit-booking in energy counters
Further, weak December quarter earnings in Sun Pharma dragged its shares to the negative terrain.
The broader 50-share Nifty gained smartly to day's high of 8,870.10 but later dropped to 8,703.40. It concluded at 8,809.35, up marginally by 3.85 points, or 0.04 per cent over its previous close.
Meanwhile, foreign portfolio investors bought shares worth a net Rs 390.26 crore last Friday as per provisional data.
Elsewhere, Asian markets were traded mostly higher as Japan emerged from recession last quarter.
Major gainers of the session were, ITC 3.06 per cent, NMDC 2.56 per cent, TCS 1.81 per cent, Bharti Airtel 1.79 per cent, Hindustan Unilever 1.59 per cent, HDFC 1.53 per cent and M&M 1.50 per cent.
Notable losers were Sun Pharma 2.74 per cent, Axis Bank 1.86 per cent, Hindalco 1.69 per cent, ICICI Bank 1.69 per cent, Hero MotoCorp 1.68 per cent and Reliance Industries 1.60 per cent.
Turnover in the cash segment dropped to Rs 17,228.83 crore from Rs 21,000.88 crore last Friday. A total of 10,589.20 lakh shares changed hands in 73,38,131 trades. The market capitalisation at NSE stood at Rs 101,38,213 crore
