Brushing aside global volatility on the back of fresh Eurozone concerns,the domestic courses showed much resilience,limiting the losses as the benchmark S&P CNX Nifty ended lower by 22.70 points at the National Stock Exchange (NSE) here on Thursday. Global markets witnessed heavy sell-off after a day's stability reacting sharply to Europe's deteriorating economic condition and on rumours of possible downgrading of France's credit rating close on the heels of US,thereby rattling already shaken investors confidence. France is the largest economy in Eurozone countries. Contrary to expectations,the Indian market opened on a soft note and traded with modest losses as no major selling was visible in the early hours. The key index showed some signs of recovery in mid-afternoon trade reacting to a positive opening in European markets and recovery trend in Asian peers,but faltered again in the absence of any major buying support and slipped into negative terrain to end the trade with a modest loss. The country's strong macro conditions and a good 8 per cent GDP growth may resist any kind of sell-off either from FIIs or domestic players at this juncture,traders said. The 50-share index oscillated between a high of 5,184.95 and low of 5,121.00 before concluding at 5,138.30,a modest loss of 22.70 or 0.44 per cent over its last close. Tata Power,Axis Bank,Maruti,Bharti Airtel,BHEL,ICICI Bank,Bajaj Auto,Jindal Steel,DLF and PNB were the top losers from Nifty. However,HDFC,Reliance Infra,Reliance Capital,Kotak Bank,NTPC,GAIL,Hindalco,Rcom,ITC and Tata Motors registered good gains. Turnover in cash segment declined to Rs 10,236.09 crore from Rs 12,081.20 crore yesterday. A total of 5,431.05 lakh shares changed hands in 55,79,631 trades. The market capitalisation stood at Rs 61,03,868 crore.
