The benchmark NSE Nifty managed to finish marginally higher by 14 points at 7,436.15 in a highly volatile trade after reversing early part of the rally amid hopes of global central banks stimulus.
Indian markets started the week on a firmer note, maintaining momentum from a strong rally on Friday underpinned by hopes of more monetary easing measures from the world central banks as well as good value buying in beaten down counters.
Dovish comments from ECB President Mario Draghi that the central bank may expand monetary stimulus as soon March and central banks expanding stimulus measures to stabilise the turmoil in the financial markets amid rebound in oil prices largely triggered a relief rally across the globe.
The upbeat rally in the early session proved to be short lived as investors turned cautious and resorted to profit- taking ahead of tomorrows trading holiday and F&O expiry on Thursday.
However, the key indices overcame an afternoon slump to rebound from the lowest level to modest higher on the back of low level buying support.
Elsewhere, Asian stocks mostly ended firmly higher, extending the relief rally after oil prices staged a solid comeback, rallying nearly 10 per cent on Friday - its biggest daily rallies ever.
The 50-share Nifty opened at 7,468.75 and swung between a high of 7,487.15 and a low of 7,421.20 before concluding at 7,436.15, a modest rise of 13.70 points or 0.18 per cent.
Among the sectoral indices, metal and pharma topped the chart, up by 1.61 and 0.88 per cent, respectively. Other movers
included realty, Nifty Bank and technology.
However, infra plunged (1.19 per cent), PSU Bank (0.91 per cent), auto (0.75 per cent) along with energy and media.
Major index gainers were HDFC, HDFC Bank, ICICI bank, Sun Pharma, HUL, ONGC, Bosch, TCS, Tata Steel, IndusInd Bank, Asian Paints, Ultracemco, Cairn, ITC, Coal India and Infosys.
Key losers included L&T, Tata Motors, M&M, Hero MotoCorp, Adani Ports, SBI, Lupin, Axis Bank, Gail Zee and Maruti.
Turnover in cash segment tumbled to Rs 13,705.80 crore from Rs 17,412.42 crore last Friday. A total of 7,142.53 lakh shares changed hands in 70,33,104 trades.
The market capitalisation of NSE stood at Rs 90,43,623 crore.
