Market starts FY14 on positive note; Nifty regains 5,700 mark
Strong value buying in bluechips and key counters helped the benchmark CNX Nifty to gain 22 points and reclaim 5,700 mark at National Stock Exchange Monday.
Mumbai: Strong value buying in bluechips and key counters helped the benchmark CNX Nifty to gain 22 points and reclaim 5,700 mark at National Stock Exchange Monday.
Though the market maintained a bullish momentum for the third consecutive session, concerns over macroeconomic instability and ballooning current account deficit weighed on the overall trading sentiment.
India's current account deficit hit a record 6.7 percent of GDP in the December quarter to USD 32 billion on account of surge in oil and gold imports, besides weak exports.
Trading commenced on a firm note on the first day of the new financial year, led by heavyweights and beaten down stocks tracking early positive Asian cues. Most buying was seen in second-line counters due to cheap valuations.
The benchmark index turned volatile in noon session and surrendered entire gains on profit-taking after a HSBC survey said India's manufacturing sector witnessed the slowest rate of expansion in 16 months in March.
However, the market regained momentum after a brief sluggishness on the back of tail-end buying in heavyweights, leading the benchmark to close above the 5,700 level.
Bank, pharma, energy, infra and technology stocks attracted huge buying interest, while auto and metal encountered selling pressure.
Globally, Asian stocks ended lower dampened by weak economic data from the region's two largest economies, Japan and China, which came in below expectations. European markets were closed today for the Easter holiday.
The 50-share Nifty oscillated between a high of 5,720.95 and a low of 5,675.90 before finishing at 5,704.40, a rise of 21.85 points, or 0.38 percent, from the last close.
Among the top Nifty gainers DLF spurted 7.80 percent, Cairn 5.08 percent, R-Infra 4.22 percent, Dr Reddy's 3.42, JP Associates 3.36 percent, Ranbaxy 2.91 percent, BHEL 2.77 percent, Indus Bank 2.68 percent and L&T 2.21 percent.
Notable losers included Sesa Goa, Tata Motors, Jindal Steel, TCS, Bajaj Auto, NMDC, Coal India, Tata Power and IDFC.
Turnover in the cash segment fell sharply to Rs 7,165.88 crore from Rs 14,101.97 crore last Thursday. A total of 5,047.38 lakh shares changed hands in 42,62,191 trades. Market capitalisation stood at Rs 62,78,763 crore.