NSE Nifty down 48 points on sustained selling pressure

The S&P CNX Nifty declined by 48 points on the National Stock Exchange (NSE) here today due to sustained selling pressure from investors mainly in banking, consumer durable and PSU stocks ahead of Reserve Bank of India (RBI)'s monetary policy review meeting tomorrow.
   
The 50-issue index resumed higher at 5,766.90 and moved in a range of 5,775.25 and 5,687.70 before ending at 5,701.30, a net fall of 48.20 points, or 0.84%, from its last close.
   
Asian stocks ended higher after US President Barack Obama said al-Qaeda leader Osama bin Laden, mastermind of 9/11 terror attacks, has been killed by American special forces in an operation in Pakistan.
   
Key benchmark indices in South Korea and Japan were up 1.67% and 1.57%, respectively. Markets in China, Hong Kong, Singapore and Taiwan were closed for a local holiday.
   
Top five Nifty losers were SBI, which fell 3.99%, Kotak Bank 3.95%, IDFC 3.61%, Ambuja Cement 3.16% and Gail dropped 3.05%.
   
Top five Nifty gainers were Tata Power, which rose 2.66%, Power Grid 1.77%, Cipla 1.74%, Dr Reddy's 1.73% and Cairn shot up 1.65%.
   
Total turnover dropped to Rs9,554.78 crore from Rs13,441.52 crore on last Friday. A total of 4,879.82 lakh shares changed hands in 47,48,535 trades. The market capitalisation was Rs66,95,401 crore.