NSE Nifty pares gains, but still scales new peak; pharma, IT shine

Written by PTI | Mumbai | Updated: May 21 2014, 03:19am hrs
NSe NiftyThe NSE Nifty hit a high of 7,353.65 and a low of 7,247.70 before ending at 7,275.50. (Reuters)
The benchmark index NSE Nifty gave up most of the gains on the emergence of profit-booking but still managed to scale a fresh new peak on the back of buying in recently hammered IT and pharma counters at the National Stock Exchange (NSE) here today.

The 50-share barometer breached the 7,300 mark in intra-day trading amidst volatility as the market carried forward the momentum generated by a clear mandate for a BJP-led Government in the just concluded elections.

Capitalising on the ongoing bull run, investors resorted to hectic profit-booking in energy and banking counters.

Buying in FMCG, pharma, IT, metal along with shares of mid and small-cap companies pushed the benchmark to a fresh closing high.

Meanwhile, Foreign institutional investors (FIIs) bought shares worth of Rs 1,350.04 crore yesterday, according to provisional data from the stock exchanges.

Most of Asian markets ended higher, while European stocks opened down weighed by corporate earnings.

The NSE Nifty hit a high of 7,353.65 and a low of 7,247.70 before ending at 7,275.50, showing a modest rise of 11.95 points, or 0.16 per cent.

Sesa Sterlite share was in the limelight rallying 7.90 per cent, while state-run mineral producer NMDC rose 5.44 per cent. BHEL gained 4.22 per cent and Tata Steel 3.64 per cent.

Among the key losers, Reliance slipped 3.64 per cent, Coal India 5.77 per cent and ONGC dropped 4 per cent.

Other gainers were Wipro, M&M, IDFC, Infosys, Bharti Airtl and HDFC, while HeroMoto, Bank of Baroda, BPCL, NTPC, GAIL, Kotak Bank and SBIN dropped on profit-booking.

Turnover in the cash segment fell to Rs 25,694.27 crore from Rs 30,552.75 crore yesterday. A total of 19,254.85 lakh shares changed hands in 11,184,789 trades, while market capitalisation stood at Rs 81,74,516 crore.