Nifty near one-month high, up 31 pts

Written by PTI | Mumbai | Updated: Feb 25 2014, 01:20am hrs
NiftyThe 50-share Nifty hovered between a high of 6,191.85 and a low of 6,130.80. Reuters
Market climbed after initial volatility with strong stock-specific action as well as sectoral buying in banking, pharma and FMCG, which led the benchmark Nifty to near one month high at 6,186.10 at the NSE today.

Despite weak global cues, investor sentiment was supported by good FII buying and some short-covering ahead of monthly expiry on Wednesday.

Tata Power spurted by 5.14 per cent after Central Electricity Regulatory Commission (CERC) allowed it higher tariff and total compensation for Mundra power projects.

Axis Bank continued to rally by 3.76 per cent and infra major L&T up by 2.80 per cent. Also Dr Reddy's rose 2.29 per cent and FMCG shares rose on value buying.

Key Energy major NTPC plunged 11.74 per cent. Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth net Rs 603.41 crore on last Friday, as per the provisional data from the stock exchange.

The market opened lower on weak Asian cues and continued its volatility in the morning trade, while early afternoon saw the indices reversing the trend to a positive zone to hit fresh intra-day high to end in green.

The 50-share Nifty hovered between a high of 6,191.85 and a low of 6,130.80, before closing at 6,186.10, showing a gain of 30.65 points, or 0.50 per cent.

Other major gainers were BHEL, Ranbaxy, Lupin, Ultracemco, ONGC, IndusindBK and Dr Reddy's. While Bharti Airtel, Tata Steel, NMDC, TCS, Ambuja Cem, Jindal Stel, SSLT and IDFC witnessed profit-booking.

Turnover in the cash segment rose to Rs 8,411.56 crore from Rs 8,307.76 crore last Friday. A total of 4,673.04 lakh shares changed hands in 48,56,792 trades. Market capitalisation stood at Rs 66,56,534 crore.