Nifty soars 66 points on heavy buying; FMCG, IT stocks jump

Equities staged a strong comeback after a two-session slide, buoyed by aggressive low-level buying amid supportive global cues as the benchmark CNX Nifty today vaulted by 66 points to comfortably settle above the 5,800 mark on the National Stock Exchange (NSE).
FMCG, technology, energy, healthcare, auto and bank counters spearheaded the pullback rally.
Stability in global markets on the back of receding concerns over eurozone debt issue and easing fears over a political crisis in Egypt too boosted the sentiment.
After the overnight crash, trading commenced on a strong note following heavy buying in beaten down bluechips amid short-covering.
But late afternoon session turned volatile due to some amount of profit taking at higher levels.

The 50-share Nifty oscillated between a high of 5,848.20 and a low of 5,786.05 before finishing at 5,836.95, registering a sharp rise of 66.05 points, or 1.14 per cent, over its previous close.

Reliance Infra, HCL Tech, ITC, Tata Power, BPCL, TCS, Tata Motors, ACC, HUL and Infosys were among the dominant gainers from the Nifty bunch.
Key losers included BHEL, Tata Steel, Sesa Goa, Cipla, Axis Bank, Power Grid, Bajaj Auto, Ranbaxy, Maruti and M&M.
Turnover in the cash segment fell to Rs 10,195.54 crore from Rs 10,213.96 crore yesterday. A total of 6,582.76 lakh shares changed hands in 54,05,056 trades. The market capitalisation stood at Rs 62,43,581 crore.