The Nifty closed lower by 31 points, while the Sensex lost 92 points (provisional) in trade. Software stocks which hit a 52-week high earlier in the day began to lose ground on profit taking, dragging indices lower. Tata Consultancy Services, Wipro and HCL Technologies all dropped in trade today. However, the stock of Infosys managed to remain resilient in a falling market.
Ranbaxy continued to decline falling for a second day in a row on worries over findings from the US FDA. Mid cap stocks managed to hold their ground with Bharat Forge and Divis Labs hitting 52-week highs. However, Voltas and Crompton Greaves which have been declining in the last few trading sessions gained ground.
There were very few Nifty gainers in trade today with Lupin Labs and Dr Reddys among the few. Heavyweight, Reliance Industries which rose sharply on Monday continued to find buyers at lower levels.
ITC, which was trading higher for most of the day following an increase in the prices of certain brand, lost ground. Real estate stocks did not have a good day in trade with DLF and Unitech dropping sharply in trade.
Meanwhile, most of the Asian markets ended the day lower led by sharp losses in the Japanese Nikkei which fell 3 per cent in trade.