Nifty ends above 8,550; IT, FMCG shares surge

The benchmark Nifty gained 51.05 points after its overnight losses as buying in key heavy -weights of IT, Pharma, FMCG, Realty, Auto and Infra counters lifted the market to end above 8,550 level.
The key index opened gap-up to trade positive despite volatility as investors resorted to bargain hunting in recently beaten down shares also supported by reports of encouraging Services PMI data which rose to two year high after two months of contraction on new orders and hiring.
Higher Asian market and European markets which traded strong on robust China's services sector data also lifted the sentiment.
The market also gained amid good buying in second line shares of midcap and smallcap companies, though Banking and Financials incurred profit-booking after its recent surge.

The broader 50-share Nifty opened higher at 8,547.45 and traded between 8,591.85 and 8,545.85 before closing at 8,567.95, showing a gain of 51.05 points or 0.60 per cent.
Major gainers were Zeel (2.80 per cent), Wipro (2.77 per cent), Infy (2.75 per cent), Bajaj-Auto (2.58 per cent), Lupin (2.43 per cent), Tata Steel (2.34 per cent), Asian Paint (1.94 per cent) and SunPharma (1.42 per cent).

Notable losers were YesBank (1.31 per cent), Tata Motors (1.14 per cent), SBIN (1.11 per cent), Coal India (1.11 per cent) and Bank of Baroda (1.07 per cent).
Turnover in the cash segment declined to Rs 20,416.88 crore compared with Rs 22,023.11 crore yesterday.

A total of 12,977.66 lakh shares changed hands in 89,35,733 trades and the total market capitalisation of NSE stood at Rs 1,03,19,401 crore.