Market recoups from six day ordeal, Nifty up by 1.90 pc

Posted By: Pti
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Mumbai, Jan 12 (PTI) Sidelining all negative macrofactors including disappointing industrial growth number, thebenchmark S&P CNX Nifty made a smart pull-back rally bygaining 109.15 points at the National Stock Exchange (NSE)here today.

The 50-share index showed wide range swings between5,874.20 and 5,711.30 before ending at 5,863.25, up 109.15points, or 1.90 per cent over its previous close.

The market resumed on a positive undertone mirroringpositive Asian bourses. Though trade was volatile it furtherescalated when news of a dismal IIP data output wiped theinitial recovery gains.

Surprising the market pundits, the key index sharplybounced-back from its lower levels with hectic lower levelbuying by domestic funds amidst short-covering in beaten downbanking, auto, steel and tech counters. Firm European cues toolent a helping hand in today''s rally.

"Though the all-round macro-economic scenario is dismal,today''s gain is basically due to anxious speculators optingfor short-covering," traders commented.

Suzlon, Sterlite Industries, Tata Motors, ICICI Bank,Reliance Capital, Cairn, HDFC, TCS, Hindalco and Jindal Steelwere the top gainers from the Nifty.

However, Bajaj Auto, L&T, Tata Power, Hindunilever andMaruti were the notable losers.

Total turnover in the cash segment rose to Rs 15,333.81crore from Rs 14,303.48 crore yesterday. A total of 8,112.68lakh shares changed hands in 70,05,163 trades and marketcapitalisation stood at Rs 68,16,408 crore at the end of day.

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