Market fluctuated in a range-bound trade amid choppiness as the key FMCG, Banks, Metal and Pharma gained, while selling in IT, energy and auto counters led the benchmark to end almost flat, only picking up a mere 7.40 points at the National Stock Exchange (NSE) here today.
Good FII inflows and optimism over stable government after general elections continue to lead the market momentum, though caution of global market over the outcome key Fed Open Market Committee (FOMC) review later today weighed.
Market encountered selling pressure in IT counters after heavy-weight TCS in its analyst meet indicated revenue- growth concerns for March-quarter, plunging the shares by 3.89 per cent and Infosys by 2.35 per cent, while ONGC declined by 3.43 per cent on profit-booking.
On the gaining front, Tata Steel were in limelight surging 4.67 per cent and Hindalco by 4.53 per cent, while Axis bank rose 2.70 per cent.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1,011.95 crore yesterday as per the provisional data from the stock exchanges.
Bourses opened higher on firm Asian cues. Though a bout of volatility forced the indices into red for a brief period; it gained but swayed between positive and negative zones during morning trade. It traded in a narrow range during the afternoon to end with modest gains.
The 50-share Nifty hovered between a high of 6,541.20 points and a low of 6,506.00 points before closing at 6,524.05 points, up 7.4 points or 0.11 per cent over the last close.
Other major gainers were Ambuja Cement, PNB, Asian Paint, SSLT, ACC, HDFC, Bharati Airtl and Lupin. While M&M, Coal India, Tata Power, Infy, GAIL and NTPC incurred losses.
Turnover in the cash segment rose to Rs 13,426.34 crore from Rs 12,793.05 crore yesterday. A total of 6,219.34 lakh shares changed hands in 64,84,880 trades, while market capitalisation stood at Rs 69,77,123 crore.
