Mumbai: Equities erased most of the gains but ended marginally higher Tuesday on the back of good buying in bluechip stocks as the benchmark CNX Nifty retraced 5,600 mark on the National Stock Exchange (NSE) in a volatile trade.
Stability in global financial markets after recent selling frenzy following soothing comments from US Fed officials that the central bank would adopt an accommodative policy even as it reduces stimulus calmed investors.
The 50-share Nifty swung widely between a high of 5,666.25 and a low of 5,570.25 before ending at 5,609.10, up 18.85, or 0.34 percent, over its previous close.
Firm buying in select beaten down counters like FMCG, energy, auto and infra along with short-covering ahead of the expiry of June derivative contracts led the recovery.
After a sluggish start, the key index picked up momentum and bounced back smartly in mid-morning to touch the day's high. But the market turned volatile and witnessed heavy profit-taking towards the end, erasing most of the gains.
Technology, healthcare and metal stocks remained under intense selling pressure.
Meanwhile, rest of Asian markets closed lower after rebounding from early sharp losses as strained liquidity conditions in China amid heightened fears of a banking crisis continued to batter investor sentiment. In Europe, stocks rose in early trade, regaining some ground after the recent crash.
Bharti Airtel, IndusInd Bank, ONGC, Reliance Infra, M&M, BPCL, Bank of Baroda, Kotak Bank, Hindalco and DLF were the notable gainers from the index.
The key losers included Tata Power, Cairn, Power Grid, Lupin, NTPC, SBIN, NMDC, ICICI Bank, Coal India and HDFC.
Turnover in the cash segment jumped to Rs 11,683.64 crore from Rs 10,313.12 crore yesterday. A total of 7,037.51 lakh shares changed hands in 67,79,760 trades. The market capitalisation stood at Rs 60,27,988 crore.
First Published: Tuesday, June 25, 2013, 21:14