Nifty surges 33 pts in late bull rally; bank stocks gain

Equities staged a remarkable turnround on fag-end buying in select frontline bluechips as the benchmark Nifty surged 33 points on the National Stock Exchange (NSE).
After falling below the psychological 8,000 mark earlier, following widespread global market volatility against the backdrop of impending rate hike fears and caution on mixed domestic trade data, the benchmark witnessed a resounding recovery towards the tail-end trade on hectic buying activity across the board.
Moreover, short-covering along with traders lapping up beaten down fundamentally strong stocks also supported the recovery.
For most part of the day, the Nifty remained in the negative territory.
Meanwhile, the country's trade deficit narrowed to USD 10.4 billion in May against USD 11.2 billion in the same month a year ago.

Among other Asian markets, equities extended their overnight sharp sell-off and plunged sharply as global investors cautiously watched developments in Greece and also Federal Reserve's two-day policy meeting outcome.

The 50-share barometer swung widely between 8,061.85 and 7,952.35 before concluding at 8,047.30, a rise of 33.40 points or 0.42 per cent, over its last close.
Buying was visible across the sectors with banking and financial counters outperforming significantly its peers.
Media, auto, energy, FMCG, infra, technology, healthcare and realty sectors also registered good gains.
Mid-cap and small-cap finished marginally higher.
The smart movers included Infosys, ICICI Bank, Tata Motors, SBI, IndusInd, HUL, Bajaj Auto, L&T, Power Grid, HDFC Bank, M&M, ZEE, Yes Bank, HeroMoto, TCS, Reliance and ITC.

Among the notable losers were Idea, HDFC, Lupin, Dr Reddys, Cairn, Vedanta, BPCL, BHEL, Tata Steel, Tech Mahindra, Wipro and Bharti Airtel.
Turnover in the cash segment rose to Rs 12,427.23 crore as compared to Rs 11,653.56 crore yesterday.
A total of 6,263.1 lakh shares changed hands in 58,64,975 trades and the total market capitalisation of the NSE stood at Rs 94,71,066 crore.