Nifty snaps 2-day fall, rises 116 points

After two consecutive sessions of falls, the NSE benchmark Nifty today rebounded by 116 points to 11,360.80 to hit a new closing high on hectic buying in sectors such as banking, metal, media, FMCG and pharma.

Shares got a boost after the India Meteorological Department in its latest forecast said that monsoon in August and September will be normal, that is 96 plus/minus 9 per cent Long Period Average.

Overseas, European equities were trading higher helped by a rally in banking shares after Royal Bank of Scotland Group announced plans to resume payouts.

Asian stocks were mixed. The mood was cautious amid an elevation in trade tensions between the US and China.

 

The Nifty 50 index rose 116.10 points or 1.03 per cent to close at 11,360.80, its record closing high. The index rose 123.30 points at the day's high of 11,368. The index rose 49.85 points at the day's low of 11,294.55. It witnessed an intra-day movement of about 93.95 points.

Sector-wise, PSU jumped 1.89 per cent followed by metal 1.60 per cent, financial service 1.54 per cent, private bank 1.52 per cent, media 1.30 per cent, bank 1.24 per cent, FMCG 1.13 per cent, pharma 0.81 per cent, energy 0.68 per cent, IT 0.66 per cent, realty 0.60 per cent, infra 0.57 per cent and auto 0.66 per cent.

Major index gainers were Indiabulls Housing Finance, Axis Bank, Vedanta Ltd, Yes Bank, GAIL, ICICI Bank, HDFC, Lupin and Dr Reddy's.

Index losers included Tech Mahindra, Tata Motors, Grasim, Asianpaint, HeroMotoCo, IndusIndBank, UltraCemCo and HDFC bank.

The market breadth, indicating the overall health of the market, turned gainers. On NSE, 1,284 shares advanced and 548 declined, while 73 remained unchanged.

Total securities that hit their price bands were 278.

Turnover in the cash segment rose to Rs 32,614.32 crore from Rs 30,888.61 crore as on Thursday.

A total of 16,158.49 lakh shares changed hands in 1,10,25,931 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,52,27,786.15 crore.