Nifty rebounds in choppy trade, surges 44 pts

Equities witnessed an impressive turnaround from its two-month lows following fresh bouts of buying in beaten-down counters with the NSE benchmark Nifty surging over 44 points to close above 7,800-barrier even as the rest of the Asian markets had plunged.
Covering up of short positions by speculators and some value-buying in sector like banking, infra, metal, pharma, fmcg and auto stocks predominantly spearheaded the recovery momentum.
Bourses had opened sharply lower in a knee-jerk reaction to roiling financial markets across the world amid rising geopolitical tensions after the deadly attacks in Paris during the weekend.
Trading lacklustre most part of the session with high volatility amid investors's caution ahead of WPI inflation data, the key indices withnessed a sudden rebound in late morning trade with a flurry of buying activity.

Though the market withstood the crisis but could not remain entirely unaffected for long and retreated from day's high dragged by technology stocks.
Elsewhere in Asian region, barring Shanghai, most equities succumbed to sell-off as investors reacted with muted dismay to renewed geopolitical risk.

The 50-share Nifty opened lower at 7,732.95 and swung between 7,838.85 and 7,714.15 before ending at 7,806.60, showing a smart gain of 44.35 points, or 0.57 per cent.
Among the sectoral, PSU Bank topped the entire basket led by key heavyweights, surging 2.81 pct, followed by Bank Nifty 1.49 pct, Infra 1.03 pct, metal 0.97 pct, Pharma 0.61 pct, FMCG 0.45 pct and auto up by 0.15 pct.

IT stocks in particular took a beating, draging the key indices by 0.89 per cent in response toweekend heavy selling in US technology companies.
Biggest gainers are SBI, ITC, ICICI Bank, HDFC Bank, M&M, Dr Reddys, Indusind, Kotak Bank, Lupin, Ultratech, Tata Steel, Yes Bank, Cipla, Grasim, Maruti, PNB, ONGC and Reliance.
Key laggards included Infosys, TCS, TechM, HCL-Tech, HUL, Tata Motors, Coal India and Bajaj Auto.
Turnover in cash segment slumped to Rs 15,285.64 crore from Rs 17,259.82 crore last Friday. A total of 8,673.6 lakh shares changed hands in 71,24,344 trades. The market capitalisation of NSE stood at Rs 94,61,890 crore.