Nifty retraces 6,200 mark, Q2 earnings support stocks
Mumbai: Firm buying in select frontline heavyweights supported by buoyant global sentiment helped the benchmark CNX Nifty to retrace the psychological 6,200-mark on the National Stock Exchange (NSE).
The 50-share index swung between a high of 6,218.95 and a low of 6,163.30 before finishing at 6,204.95, showing a modest gain of 15.60 points, or 0.25 percent.
Key corporate earnings mostly dominated the trading session in an otherwise direction-less market despite strong overseas sentiment.
Trading commenced on a modestly positive start amid profit taking against the backdrop of Friday's spectacular rally as investors turned bit cautious ahead of Q2 results from blue chips later today. It soon turned choppy and moved in a tight range with wide fluctuations.
However, stronger than expected earnings from HDFC, which reported a 10 percent increase in net profit at Rs 1,266.33 triggered renewed buying interest in select rate sensitive counters along with energy, infra, metal and auto related stocks.
Meanwhile, other Asian and emerging markets continued their strong rallying momentum on the back of growing speculation that the Fed will continue its additional monetary stimulus measures for a longer period to offset the impact of the 16-day government shutdown on the US Economic recovery.
Asian paints topped the index stock gainers reacting positively to its stronger than expected 36.66 percent jump in second quarter earnings. Other smart movers included L&T, DLF, IDFC, Maruti, Indusind Bank, NMDC, Hindalco, Tata Steel and Bank of Baroda.
Turnover in the cash segment dropped to Rs 11,906.99 crore from Rs 12,351.92 crore last Friday. A total of 6,921.91 lakh shares changed hands in 58,18,301 trades, while market capitalisation stood at Rs 66,02,743 crore.