Relief rally runs out of steam, Nifty ends flat

The smart weekend relief rally ran out of steam on heavy profit-booking at higher levels, though the benchmark CNX Nifty managed to recover losses and ended the high volatile session virtually flat.
   
The CNX-Nifty moved in a tight range between a high of 5,586.05 and low of 5,502.40 before ending at 5,551.10 with a mere loss of 0.35 point over its last close.
   
Trading commenced on a positive note despite lack of support coming from global peers on the back of select buying in heavyweights and beaten down interest rate sensitive counters. The market soon developed volatility and slipped into negative zone as investors booked profits at higher levels fearing that the weekend rally was just a technical pull back.
    
However, due to some short covering and select buying in heavyweights helped the market to cut short its losses.
    
Hindunilvr, Bharti Airtel, Ranbaxy, Tata Power, Cairn, Sesa Goa, Gail, Jindal Steel, Infosys and ACC were the top gainers from the Nifty.
    
However Maruti, Bajaj Auto, Tata Motors, JP Associates, PNB, Axis Bank, Reliance Capital, BPCL, Hero Honda and TCS registered losses.
    
Total turnover in cash segment fell sharply to Rs8,512 crore from Rs12,172 crore on Friday. A total of 4,627.67 lakh shares changed hands in 46,71,717 trades. The market capitalisation was at Rs65,48,930 crore.