The stock market started the new financial year on a positive note today, scaling another record peak amid volatility at the National Stock Exchange (NSE) which remained largely unaffected by the widely expected RBI decision to keep key rates unchanged.
Buying in IT, energy, pharma and FMCG counters lifted the benchmark index Nifty by 16.85 points.
FIIs continued to be the main driver for the bourses, which were also supported by firm global cues. The RBI's move to maintain status quo on key interest rates and also cash reserve ratio didn't have much impact on trading sentiments.
Banking stocks, which recently saw rally, and shares of mid-cap companies dropped on on hectic profit-booking.
Meanwhile, FIIs bought shares worth a net Rs 942.86 crore yesterday, as per provisional stock exchange data.
The market opened firm on positive Asian cues, but soon turned volatile and slipped into the red. Volatility continued after RBI policy news trickled in. The key index fluctuated between positive and negative zones before ending with modest gains.
Energy major Cairn rallied by 3.59 per cent, Wipro gained 3.29 per cent and state-run Power Grid was up 2.86 per cent. However, BPCL fell by 2.86 per cent, Hindalco lost 2.50 per cent and Kotak Bank dropped by 2.22 per cent.
The 50-share Nifty traded between a high of 6,732.25 and a low of 6,675.45, before closing at 6,721.05, up 16.85 points, or 0.25 per cent, over its last close.
Other top gainers were Bank of Baroda, HCL, TCS, M&M, Tata Steel, Sesa Sterlite and NTPC. Laggards included Maruti, Asian Paints, ICICI Bank, Grasim, NMDC, HDFC Bank and PNB.
Turnover in the cash segment declined to Rs 13,381.22 crore from Rs 14,874.42 crore yesterday. A total of 7,674.40 lakh shares changed hands in 66,01,696 trades, while market capitalisation stood at Rs 72,94,387 crore.
