Market resilient to global volatility, Nifty down 23 pts

Mumbai, Aug 11 (PTI) Brushing aside global volatility on
the back of fresh Eurozone concerns, the domestic bourses
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.