Fag-end buying in key frontline heavyweights mainly helped the market to overcome initial sluggishness amid expiry volatility as the benchmark CNX Nifty ended higher by 20 points on the National Stock Exchange (NSE).
Mumbai: Fag-end buying in key frontline heavyweights mainly helped the market to overcome initial sluggishness amid expiry volatility as the benchmark CNX Nifty ended higher by 20 points on the National Stock Exchange (NSE).
Trading began on a subdued note ahead of the expiry of May derivatives contracts later in the day and weak global sentiment. It moved in a narrow range and remained extremely choppy for most part of the day on account of expiring futures contracts.
Market also reacted to fourth quarter earnings news in the absence of any major trigger and moreover investors kept a cautious eye towards Friday's much awaited March quarter GDP data, triggering some profit-taking.
Brushing off volatility and global uncertainty the key index witnessed a smart rebound to close above the important 6,100 level following good buying in counters like FCMG and auto along with squaring of short positions in the derivatives segment for May series.
Banking, pharma, metal and realty stocks saw good amount of selling.
Meanwhile, financial markets across Asia retreated sharply with Japanese stocks plunging more than five percent on conflicting signals about the global economy and speculation that the Federal Reserve might start scaling back its stimulus program following improvement in the US economy.
The Nifty fluctuated between a high of 6,133.75 and a low of 6,072.15 before finishing at 6,124.05, registering a gain of 19.75, or 0.32 percent, over its last close.
M&M, Tata motors, ITC, Asian Paints, Kotak Bank, NMDC, Grasim, NTPC, Indusind Bank and HDFC were among the notable gainers from the index pack.
The key laggards included Cipla, Tata Steel, Hindalco, JP Associates, ICICI Bank, Axis Bank, DLF, IDFC, Reliance Infra and Reliance.
Turnover in the cash segment spiked to Rs 13,808.2 crore from Rs 9,589.7 crore yesterday. A total of 6,855.56 lakh shares changed hands in 58,35,294 trades. Market capitalisation stood at Rs 66,34,820 crore.