Nifty holds on to 5,800 mark on late buying in choppy trade
Mumbai: The NSE benchmark CNX Nifty Wednesday erased early losses and ended marginally higher on tail-end buying in select frontline counters, overcoming initial volatility over the US Federal Reserve policy meet outcome.
Trading commenced on a sluggish note following profit taking with the key index slipping below the important 5,800 mark amid weak sentiment over rupee movement and remaining under intense selling pressure during most part of the day.
Positive developments like a Government panel's recommendation to abolish the 26 percent cap for foreign direct investment (FDI) in multi-brand retail and raising limit in many other sectors failed to enthuse the market.
However, the bourses staged a smart recovery in closing hours following good buying in financial, oil & gas and metal stocks. But continued selling in auto, healthcare, technology and FMCG stocks capped further gains.
Global markets, hit by growing concerns about liquidity, exhibited nervousness ahead of the much-awaited US Fed's policy decision amid uncertainty over the fate of stimulus measures on the back of improving macroeconomic environment in the world's largest economy.
Most Asian markets ended mixed. Japanese equities rallied to a one-week high bolstered by strong export figures.
The 50-share Nifty fluctuated between a high of 5,828.40 and a low of 5,777.90 before ending at 5,822.25, a marginal gain of 8.65 points, or 0.15 percent, over its previous close.
Hindalco, Sesa Goa, Ambuja Cement, Bharti Airtel, Tata Steel, Cairn, GAIL, HDFC Bank and ONGC were the key gainers from the Nifty pack.
Notable losers included Tata Motors, Hero Moto, Dr Reddy's, UltraTech, Tata Power, NTPC, Sun Pharma, TCS, Coal India and Power Grid.
Turnover in the cash segment declined to Rs 8,774.14 crore from Rs 8,842.50 crore yesterday. A total of 5,082.41 lakh shares changed hands in 49,38,211 trades. The market capitalisation stood at Rs 63,18,568 crore.