A sharp rally in technology and healthcare sector stocks helped the benchmark Nifty to reclaim the key 7,500 mark on the National Stock Exchange (NSE) today, taking a breather from two days of heavy selling.
Fading fears about Iraqi crude oil supply disruptions along with short-covering also added to positive sentiment.
Oil & gas, FMCG and infra were the other sectors that, too, attracted good buying interest. But financial, metal, auto and infra stocks faced intense selling.
The 50-share index fluctuated between a high of 7,538.75 and a low of 7,482.30 before ending at 7,508.80, a modest gain of 15.60 points, or 0.21 per, over its last close.
Despite a burst of volatility, the key index managed to regain its strength towards the tail-end as investors are keen to get in at every correction, a trader said.
Meanwhile, other Asian markets retreated, taking cues from overnight sell-off in Wall Street jolted by disappointing US consumer spending data and hawkish comments from a Federal Reserve official amid speculation over interest rates hike earlier than anticipated.
Technology stocks were in the limelight following stronger-than-expected earnings and guidance from Accenture Plc, a consulting and outsourcing firm. TCS rose nearly 4 per cent, Tech Mahindra gained 3.83 per cent, HCL Tech 3.3 per cent, Wipro 1.96 per cent and Infosys was up 1.29 per cent.
Other notable gainers were Sun Pharma, Power Grid, Cipla, IDFC, Lupin and Dr Reddy's.
The big index losers included United Spirits, ACC, UltraTech, Bhel, Hindalco, M&M, Coal India, Bharti Airtel, Maruti and Sesa Sterlite.
Turnover in the cash segment dropped to Rs 16,130.23 crore from Rs 20,805.74 crore yesterday. A total of 9,651.10 lakh shares changed hands in 71,12,747 trades, while the market capitalisation stood at Rs 87,10,336 crore.
