Nifty touches over five-week high, gains 38 pts

Press Trust of India Posted online: Friday, Feb 28, 2014 at 0000 hrs
Mumbai : Heavy buying after overnight holiday pause in key pharma, IT and auto counters led the benchmark Nifty to end more than five-week high by gaining 38 points on the National Stock Exchange (NSE) today.

The market mostly traded range-bound as investor sentiment were a bit cautious ahead of the GDP data release. However, continued FII buying of Indian shares overlapped the sentiment as fag-end surge in buying led the market to gain smartly.

US Fed chairperson Janet Yellen's comment yesterday on Fed bond buying programme by continuing the tapering at a calculated pace also bolstered the market sentiment.

Hindalco scrips were in limelight spurting 7.06 per cent, while IT counters TCS by 4.29 per cent and TechMahindra by 2.54 per cent, also in auto sector Tata Motors rallied by 3.93 per cent and pharma shares Lupin gained 3.68 and Dr Reddy's by 2.2 per cent.

However, Maruti went down by 4.51 per cent on investors' concerns over Gujarat plant. NTPC declined 2.64 per cent on further profit-booking.

Meanwhile, Foreign institutional investors (FIIs) bought shares worth a net Rs 511.15 crore on Wednesday, as per the provisional data from the stock exchanges.

The market opened higher amid mixed Asian cues, it witnessed volatility in range-bound momentum, but traded positive during morning trade. Afternoon trade also witnessed fluctuation, but surged at the fag-end with higher European opening to end in Green.

The 50-share Nifty traded between a high of 6,282.70 and a low of 6,228.10, before ending at 6,276.95, showing a rise of 38.15 points, or 0.61 per cent.

Other major gainers were BHEL, JP Associates, Sun Pharma, CIPLA and Axis Bank, while Reliance, Tata Steel, HDFC Bank and Asian Paint were some of the losers.

Turnover in the cash segment climbed to Rs 15,153.42 crore from Rs 12,219.74 crore on Wednesday. A total of 6,392.41 lakh shares changed hands in 68,95,027 trades. Market capitalisation stood at Rs 67,25,934 crore.