Fading Ukraine tension fuels rally; Nifty nears 6,300 mark

Overcoming the overnight weakness, the NSE benchmark Nifty today briefly touched the 6,300 milestone on the back of a smart rally as investors reacted with relief on easing concerns over the military stand-off between Russia and Ukraine.
The bellwether index netted a robust 76.50 points, or 1.23 per cent, rise - its biggest single day gain since January 15, to end at 6,297.95 on the National Stock Exchange (NSE). The 50-share barometer crossed the 6,300 milestone briefly in early trade after five weeks.
Financial stocks spearheaded the pull-back rally even as FMCG, energy, metal, auto and infra stocks posted healthy gains. However, some profit taking was seen in healthcare and tech stocks.

Global equity markets, including India, suffered sharp losses yesterday largely triggered by mounting geopolitical tensions following Russia's military advance into Ukraine. Elsewhere, Asian equities ended mixed amid cautious trade.
After initial hiccups and sluggishness, equities rebounded smartly in late afternoon following frantic value buying spree amid short-covering on reports emerging from Russia that troops were ordered to return to base, easing worries of a military conflict in Ukraine.
Hindalco, Bank of Baroda, IndusInd Bank, IDFC, PNB, Sesa Sterlite, ICICI Bank, GAIL, Axis Bank and ACC were the top index stock gainers.
The notable losers included HCL Tech, JP Associates, Sun Pharma and Dr Reddy's Lab.

Turnover in the cash segment rose to Rs 11,227.87 crore from Rs 10,356.79 crore yesterday. A total of 5,956.89 lakh shares changed hands in 58,82,704 trades. Market capitalisation stood at Rs 67,58,439 crore.