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Bears take a break; NSE Nifty surges 64 points

Frenzied buying in beaten-down technology, banking, infra, energy and auto-related counters fuelled the recovery and provided much-needed relief after a five-session sell-off.

Updated: Apr 10, 2013, 20:43 PM IST

Mumbai: After posting losses for five days and hitting seven-month low, market rallied smartly on Wednesday, following heavy buying in fundamentally strong stocks amid short covering as the benchmark CNX Nifty surged by 64 points on the National Stock Exchange (NSE) Wednesday.

Frenzied buying in beaten-down technology, banking, infra, energy and auto-related counters fuelled the recovery and provided much-needed relief after a five-session sell-off.

The 50-share index, which reclaimed the 5,550-mark today, lost over 253 points, or 4.40 percent, in the recent round of selling triggered by domestic political concerns as well as worsening macroeconomic outlook amidst FII outflows.

After a strong start on the back of buoyant global cues, firm buying was seen in frontline bluechips. The market, however, soon lost momentum and turned highly volatile on renewed profit taking as concerns about consistent foreign investor selling dented sentiments.

However, the key NSE barometer staged a smart recovery in late afternoon trade after hitting fresh seven-month low following a sudden burst of buying along with short covering.

Globally, most Asian markets ended firm encouraged by Bank of Japan's aggressive stimulus programme. European stocks traded higher after positive industrial production data from France and ahead of the release of the US Federal Reserve's latest policy meeting minutes.

The Nifty swung widely between a high of 5,569.25 and a low of 5,477.20 before concluding at 5,558.70, a smart rise of 63.60 points, or 1.16 percent, from the last close.

Among the top Nifty gainers, Reliance Infra rose by 4.62 percent, HDFC 4.01 percent, HCL-Tech 3.73 percent, JP Associates 3.67 percent, Axis Bank 3.06 percent, Kotak Bank 2.95 percent, PNB 2.81 percent, TCS 2.63 percent, ACC 2.41 percent and IDFC 2.40 gained percent.

Key larggards included Sun Pharma, ITC, HUL, Dr Reddy's, HeroMoto, BPCL, BHEL, Indusind Bank and M&M.

Turnover in the cash segment improved to Rs 9,616.09 crore from Rs 9,519.30 crore yesterday. A total of 5,993.59 lakh shares changed hands in 52,82,278 trades. Market capitalisation stood at Rs 61,70,557 crore.

PTI