Nifty rebounds on value-buying, up 52 points

Nifty rebounds on value-buying, up 52 points

Bourses snapped its five session losing streak as bouts of value-buying in key Infra, Pharma, banking and Financials lifted the NSE Nifty by 51.95 points to close at 8,429.70.

Earlier, the trading momentum mostly in tight range amid choppiness and though mostly on a positive terrain as sentiment already hurt by earning concerns and FII sell-off on retrospective tax issue.

It turned extremely volatile during afternoon following deficit monsoon forecast by Indian Meteorological Department (IMD) as the index dropped

Nifty rebounds on value-buying, up 52 points
Nifty rebounds on value-buying, up 52 points

below 8,300-level on heavy selling in IT, PSU banks and Energy segments.

However, the final hour trade saw the bourses recovering on bouts of value buying amid tinge of short-covering.

Stock-specific buying surged the market momentum as key FMCG major ACC climbed 4.09 per cent, HUL by 3.90 per cent, infra major L&T gained 3.37 percent on bagging of fresh orders as well as overnight beaten-down share Sun Pharma gained 1.64 per cent on value-buying.

Meanwhile, IT major Wipro dropped 5.81 per cent despite its good Q4 results failed to enthuse market participants followed by ONGC fell 2.51 per cent, SBIN by 1.85 per cent and HLCT Tech by 1.50 per cent.

Foreign portfolio investors bought stocks worth Rs 17488.73 crore yesterday as per provisional data.

The broader 50-share index hovered between a high of 8,449.95 and a low of 8,284.70 before finishing at 8,429.70, a gain of 51.95 points or 0.62 per cent.

Meanwhile, Asian stocks ended higher.

A total of 7,951.41 lakh shares changed hands in 80,67,580 trades. The total market capitalisation of NSE stood at Rs 9,886,244 crore.