Nifty reverses early losses, gains 27 points on select buying

Nifty reverses early losses, gains 27 points on select buying Mumbai: The benchmark S&P CNX Nifty reversed early losses and gained 27 points at National Stock Exchange (NSE) Tuesday as trading sentiments improved towards the closing hours on optimism over a possible fuel price hike and select buying.

Firm buying in financials, FMCG, infra and oil & gas related counters and also in oil marketing firms IOC, HPCL and BPCL led the recovery.

Trading began on a sluggish note following weak global sentiment and selling in frontline heavyweights, capital goods and metal counters. But losses were capped ahead of a Cabinet Committee on Political Affairs (CCPA) meet to discuss raising diesel, LPG and kerosene prices. The meet was later put off.

After trading mostly in the red, the key index reversed losses in mid-day session and rebounded smartly to conclude with gains and in process outperformed global peers.

On the global front, Asian stocks ended mixed as uncertainty over tomorrow's German court ruling on eurozone bailout fund weighed heavily. European markets were trading weak after climbing five-month high last week.

The 50-share Nifty fluctuated between a high of 5,393.35 and a low of 5,332.10 before ending at 5,390, a rise of 26.55 points, or 0.50 percent, over the last close.

Siemens, IDFC, BPCL, HDFC, Kotak Bank, Bank of Baroda, NTPC, BHEL, TCS and Grasim were the top percentage-wise gainers from the Nifty bunch.

Sesa Goa and Sterlite Industries plunged more than 5 percent after the Goa Government decided to suspend all mining activities. Other losers included Jindal Steel, Sail, Hero MotoCorp, Tata Steel, DLF, L&T and M&M.

The turnover in cash segment advanced to Rs 8,147.90 crore from Rs 8,122.70 crore yesterday. Overall, 5,229.86 lakh shares changed hands in 49,40,421 trades. Total market capitalisation stood at Rs 61,03,224 crore.

PTI