NSE Nifty bounces back by 57 pts on easing global worries

Written by PTI | Mumbai | Updated: Aug 12 2014, 01:48am hrs
The CNX Nifty bounced back by over 57 points to end at 7,625.95 on the National Stock Exchange (NSE) following buying mainly in auto, realty, finance, service and PSU bank counters on firm global cues triggered by easing Ukraine crisis.

Hopes of more foreign funds inflow after the market regulator SEBI approved the new norms for setting up real estate and infrastructure investment trusts also buoyed the market sentiment.

Global equities rose for the second day after Russia said warplanes ended military exercises near Ukraine and Israel and militants in the Gaza Strip agreed to an Egyptian-brokered truce, which boosted the local bourses.

The broader 50-issue CNX Nifty resumed higher and moved in a range of 7,635.55 and 7,598.60 before concluding at 7,625.95, revealing a rise of 57.40 points or 0.76 per cent. In past straight three sessions, it had slumped by 178 points or 2.3 per cent.

Meanwhile, foreign institutional investors (FII) offloaded shares worth Rs 503.74 crore last Friday, as per provisional data from stock exchanges.

Top five gainers from the Nifty were M&M 6.45 per cent, BoB 3.89 per cent, HDFC 3.53 per cent, Tata Motors 3.15 per cent and SSLT 2.84 per cent while losers were GAIL India 4.22 per cent, Dr Reddy 2.19 per cent, Jindal Stl 1.55 per cent, NTPC 1.52 per cent and Tech Mahindra 1.25 per cent.

Turnover in the cash segment dropped to Rs 12,048.72 crore from 13,807.42 crore last Friday. A total of 5,890.03 lakh shares changed hands in 54,30,558 trades, while total market capitalisation stood at Rs 87,22,256 crore.