Nifty slips 83 points; banking, pharma stocks drag

Benchmark Nifty extended losses for the second consecutive day today following heavy selling pressure in banking, pharma, metal and IT counters amid a lower opening in Europe.

Overseas, European stocks edged lower as investors remained unconvinced about US President Donald Trump's ability to impose his ambitious economic agenda.

Asian stocks witnessed a mixed trend amid geo-political concerns as US-South Korea military drills begin.

The broader NSE Nifty moved between 9,884.35 and 9,740.10, before ending down 83.05 points, or 0.84 per cent, at 9,754.35, its lowest closing level since 11 August 2017.

It saw an intra-day movement of about 144.25 points.

Sector-wise, PSU Bank fell 1.82 per cent, followed by Pharma 1.73 per cent, Metal 1.39 per cent, Energy 1.26 per cent, IT 1.23 per cent, Realty 1.01 per cent and Auto 0.97 per cent.

Major index losers were Infy, Bank of Baroda, IOC, Adani Ports and Dr Reddy.

Index gainers included Axis Bank, M&M and Eicher Motors.

Market breadth was heavily weighed towards the negative zone. A total of 1,197 scrips declined, 518 advanced, while 65 remained unchanged.

Total securities that hit their price bands were 124.

Turnover in the cash segment fell to Rs 24,708.24 crore from Rs 28,953.18 crore last Friday.

A total of 10,727.55 lakh shares changed hands in 8,424,237 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,27,58,961 crore.