NSE Nifty recovers from multi-month lows; holds on to 6,000 mark

Written by PTI | Mumbai | Updated: Feb 5 2014, 03:16am hrs
NiftyTurnover in the cash segment climbed to Rs 11,240.83 crore from Rs 9,674.64 crore yesterday. Reuters
After hitting multi-month lows in early trade, the NSE Nifty

smartly recovered the lost ground on tail-end value buying in FMCG, banks, infra and energy stocks and held on to the key 6,000-mark in a choppy session at the National Stock Exchange today.

Early sentiment was severely dented by a slew of local and global factors like a slowdown in China, selling by FIIs in Indian equities, lower-than-expected US manufacturing data and weak Asian stocks.

Markets Top Gainers, Markets Top Losers

All these factors combined to rattle the market, which saw the index crashing to nearly four-month low of 5,933.30.

Key heavyweights of IT, pharma and metal sectors saw heavy selling. TCS lost 1.96 per cent, HCL Tech slipped 3.51 per cent and Lupin lost 1.06 per cent on profit-booking.

The mid-session saw hectic value buying with a tinge of short-covering with telecom giant Bharti Airtel gaining 3.40 per cent, NTPC rising 3.33 per cent, Tata Motors spurting 2.81 per cent and SBIN increasing 1.82 per cent.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 735.73 crore yesterday, as per provisional data from the stock exchanges.

The market resumed lower on subdued Asian stocks and fell to a level not seen since October 9, 2013 in morning trade. During mid-session, it fluctuated between positive and negative zones before staging a recovery and ending flat.

The 50-share index hovered between a high of 6,017.80 and a low of 5,933.30 before settling at 6,000.90, down 0.90 points, or 0.01 per cent, from its previous close. At one point, the index had lost over 60 points.

Major losers were NMDC, M&M, GAIL, Dr Reddy's, BHEL, Wipro, Infy, and UltraTech. Gainers included NTPC, PNB, Tata Motors, Ranbaxy, Bajaj Auto, Bank of Baroda, Coal India and HeroMoto.

Turnover in the cash segment climbed to Rs 11,240.83 crore from Rs 9,674.64 crore yesterday. A total of 5,935.31 lakh shares changed hands in 57,49,917 trades, while the market capitalisation stood at Rs 65,11,829 crore.